Binance records increase in Bitcoin holdings amid declining trend in exchange balances

Quick Take

• CryptoSlate analyzed the spot and derivatives market for Q1, and we found that the exchange balance in Bitcoin has gone up year-to-date. Meaning more coins have gone onto exchanges than been taken off.
• However, this trend has reversed since the collapse of the SVB on March 10, which has shown investors going back to withdrawing coins from exchanges,
• Looking at the data, Coinglass provides the top 15 exchanges that have all seen Bitcoin being removed from the exchange — all relatively flat.
• The only exchange to see significant additions to its balance is Binance — which has seen roughly 35,000 BTC in the past 30 days.
• Binance now has over 550,000 Bitcoin on the exchange — roughly 3.4% of all Bitcoins on exchanges.

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