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Nearly $10 Billion in BTC Is Held in Wallets of 8 Crypto Exchanges

Nearly $10 Billion in BTC Is Held in Wallets of 8 Crypto Exchanges
By: cointelegraph.com Posted On: October 08, 2019 View: 6

Nearly $10 Billion in BTC Is Held in Wallets of 8 Crypto Exchanges

6.7% of the entire circulating supply of Bitcoin (BTC) is held on the wallets of eight major cryptocurrency exchanges, according to Twitter account The Token Analyst.

“Exchanges are the biggest HODLers”

On Oct. 8, the Token Analyst, a Twitter account that provides real-time and historical blockchain data, wrote that throughout Bitcoin’s history, the amount of the world’s most popular crypto coins on exchange wallets has consistently been increasing.  

According to the Token Analyst, 6.7% of the entire Bitcoin supply — close to 1.2 million coins — is currently held in the wallets of eight major exchanges, leading the account to dub exchanges “the biggest HODLers.”

The blockchain-data account shows in its attached infogram, that major cryptocurrency exchange operator Huobi Group is leading the pack of crypto exchanges, with the most amount of BTC in its wallets. Binance and Bitmex are battling it out for second place.

Word origins and birthday

One of the best-known words in the crypto vernacular is having a birthday party on December 18. The word HODL was coined on BitcoinTalk almost 6 years ago, when Bitcoin started crashing after touching $1,000.

Bitcointalk member GameKyuubi gets the credit for coining the word HODL, a word that has been universally understood as a recommendation for not selling digital assets in times of FUD. He misspelled the word ‘hold’, during a posted rant opposed to selling.

“Bitcoin Price Will Rally Higher”

Cointelegraph previously reported that CNBC crypto-Twitter analyst Big Cheds, said that the upcoming days are most likely going to be bearish for the crypto space, but that he remains bullish for BTC over the long term.

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