In recent weeks, Binance and Robinhood have seen a modest inflow of approximately 1,302 BTC or $88 million in bitcoin, with Robinhood acquiring the majority of these assets. On the other hand, Coinbase saw a significant drop in its bitcoin reserves, with 40,406 BTC worth $2.7 billion flowing out over the last two months.
Bitcoin Reserves at Coinbase, Binance, and Robinhood Shift in 60-Day Period
Over the past 60 days, bitcoin’s value has experienced notable volatility, reaching a high of $72,756 on April 7 and falling to a low of $56,500 by May 1. Currently, bitcoin’s value in U.S. dollars fluctuates between $67,000 and $68,000. On April 1, Coinbase’s bitcoin holdings were nearly one million, having briefly surpassed this number earlier in the year.
At that time, Coinbase held 928,743 BTC. However, according to Arkham Intelligence, the total has decreased to 888,337 BTC as of today. This marks a significant decline of 40,406 BTC, valued at $2.7 billion. On April 1, when BTC was trading slightly above $71,000 per coin, Coinbase’s assets were worth $66 billion.
According to recent data from Arkham, Coinbase’s reserves have decreased to $60.15 billion, reflecting both the withdrawals and BTC’s price change. During the same period, Binance saw a modest increase of 408 BTC, adding approximately $27.6 million to its holdings. At that time, Binance held 642,120 BTC. Despite this increase, Binance’s bitcoin assets have fallen from $45.68 billion on April 1 to $43.36 billion, totalling 642,528 BTC.
Robinhood’s cryptocurrency platform outperformed Binance by acquiring 894 BTC worth an estimated $60.57 million. Two months ago, Robinhood held 138,568 BTC; with the recent additions, its reserves have increased to 139,462 BTC. On April 1, Robinhood’s Bitcoin assets were initially valued at $9.82 billion. However, due to a change in BTC’s price, they have since decreased to $9.41 billion.
In the last 60 days, the three major exchanges experienced a net outflow of 39,104 BTC, partially balanced by a small inflow of 1,302 BTC. According to data from cryptoquant.com, on April 1, all centralized exchanges held 2,932,042 BTC, whereas today, they collectively hold 2,855,159 BTC, valued at $192.8 billion.
This shows that in the last 60 days, 76,883 BTC have been withdrawn from centralized exchanges. Out of all the assets held on centralized exchanges, Coinbase holds 888,337 BTC, which makes up 31.11% of the total. Interestingly, 52.55% of the BTC withdrawn from exchanges in the past two months came from Coinbase.
FAQs:
What is Binance?
Binance is a major cryptocurrency exchange founded in 2017. It offers a variety of services including trading, buying, selling, futures trading, staking, savings, and lending. Binance supports numerous cryptocurrencies and trading pairs and operates its native cryptocurrency, Binance Coin (BNB).
What is Robinhood?
Robinhood is an online discount brokerage renowned for its commission-free investing and trading platform. In 2023, the company primarily generated revenue from its net interest revenues segment, largely attributed to the favourable interest rate environment.
What is Coinbase?
Coinbase is one of the leading cryptocurrency exchanges offering popular coins such as Bitcoin, Ethereum, and Solana. While not every cryptocurrency is supported, the platform hosts over 120 different types. Although thousands of cryptocurrencies exist globally, Coinbase facilitates trading in the most popular ones, making it suitable for various purposes.
Should I buy Bitcoin on Coinbase or Robinhood?
Robinhood stands out as a viable option for those seeking a blend of traditional and digital assets. Conversely, if your preference leans towards a crypto-centric portfolio offering extensive currency options and advanced functionalities, Coinbase is preferable.
Who charges more fees, Robinhood or Coinbase?
Coinbase Pro initiates trading with fees starting at 0.60% for takers and 0.40% for makers. Conversely, Robinhood asserts commission-free trading for cryptocurrencies.
What is the significance of Bitcoin’s recent price volatility?
Bitcoin’s value has experienced notable fluctuations over the past 60 days, reaching a high of $72,756 and a low of $56,500. Understanding the reasons behind this volatility and its implications for investors and the broader cryptocurrency market can provide insights into market dynamics and potential investment strategies.
What factors contribute to fluctuations in bitcoin reserves held by exchanges?
Various factors can influence changes in bitcoin reserves, including user withdrawals, exchange trading volumes, regulatory developments, security concerns, and market speculation. Understanding these factors and their impacts on exchange reserves can provide insights into broader market trends and investor behaviour within the cryptocurrency ecosystem.