Almost $10 Billion In BTC Being Held In 8 Crypto Exchange Wallets
By Luke Flowers - Crypto Investor
According to the Twitter account, The Token Analyst, about 7% of the whole Bitcoin (BTC) supply is being held in over eight major cryptocurrency exchanges.
Token Analyst wrote on October 8, that the number of BTC on exchange wallets has consistently increased and this stockpiling allows greater liquidity to sell Bitcoin to users on the markets.
Through historical and real-time blockchain data, the Twitter account had estimated that 1.2 million coins are being held in the wallets of eight of the biggest exchanges - they were labeled as “the biggest HODLers” by the Token Analyst. It would suggest that the exchanges have also been buying Bitcoin as these amounts have increased.
A graph posted by Token Analyst shows that the Huobi Group is at the top of these crypto exchanges totalling the most amount of BTC in its wallets. BitMEX and Binance are fighting over second place. This suggests these exchanges could hold greater liquidity for selling Bitcoin in greater amounts and at a better rate for the user.
Perhaps one of the best-known words in the crypto dictionary is HODL. It was coined six years ago on BitcoinTalk when Bitcoin had started to crash after reaching $1,000.
GameKyuubi, a Bitcoin member, is the one credited for expressing the word HODL, which has been globally accepted as a recommendation for not selling crypto assets during times of FUD. In truth, GameKyuubi actually misspelled the word "hold" during a rant that was opposed to sell cryptocurrency during the uncertainty.
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