Binance and Bitfinex Lead With $871M Inflow

On Dec. 4, 2023, the amount of bitcoin stored on centralized cryptocurrency exchanges hit a low of 2,001,259. However, recent data indicates that within a span of less than a week, exchanges have seen an influx of 21,436 bitcoin, valued at approximately $928 million. Moreover, more than 60% of this newly deposited bitcoin was transferred to Binance.

Centralized Exchanges See $928M Bitcoin Influx; Binance Receives Over 60%

This year has witnessed a significant decline in the quantity of bitcoin (BTC) held on crypto trading platforms. As of December 4, the figure stood just above the two million mark, with approximately 2,001,259 BTC. This information, sourced from cryptoquant.com, confirms that the leading digital currency has maintained levels above the two million threshold. Following this, an influx of 21,436 BTC has been observed flowing into centralized crypto exchanges.

The current tally of BTC on these exchanges is now 2,022,695. Notably, Binance, a major player in the crypto exchange market, received 12,896 BTC ($558M) out of the total 21,436 BTC transferred to various exchanges. Since December 3, 2023, Bitfinex has experienced an addition of roughly 7,224 BTC, amounting to a value of $313 million. This influx signifies that out of the total, 20,120 BTC, valued at $871 million, a substantial 93.86% was directed towards these two exchanges.

The situation with ether deposits paints a contrasting picture, with centralized cryptocurrency exchanges witnessing a relatively modest rise of about 7,092 ether, valued at $16.42 million based on the current ETH exchange rates. Meanwhile, the quantity of ERC20-based stablecoins has experienced a decrease since December 4, 2023, dipping from 17.79 billion to a present figure of 17.60 billion. Although ERC20-based stablecoins contribute to the fiat token market, their impact is smaller these days compared to the 47.82 billion tether issued on the Tron network.

What do you think about the increase in crypto deposits over the last six days? Share your thoughts and opinions about this subject in the comments section below.