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Five exchanges are holding more than 10% of Bitcoin's entire supply

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Tran Cong
Five exchanges are holding more than 10% of Bitcoin's entire supply

The Bitcoin ecosystem continues to be dominated by a number of platforms and companies.

About 10.6% of Bitcoin's circulating supply is currently held by just five centralized exchanges, according to data released by Chain.info. This means 1.96 million BTC is currently held on major exchanges including Coinbase, Huobi, Binance, OKEx and Kraken.

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It is likely that due to its custody services, Coinbase is currently the exchange holding the most Bitcoin to date, with 944,904 BTC currently spread across approximately 4.39 million different wallet addresses.

Huobi is second with 323,665 BTC held in around 901,600 wallets. Next is Binance with 289,961 BTC on nearly 2.7 million addresses. OKEx has 276,184 BTC in 339,000 wallets, while Kraken holds 126,510 Bitcoins out of 672,000 addresses.

The next seven exchanges including Bitflyer, Bittrex, Bitfinex, Poloniex, Coincheck, Gate.io and Bitstamp hold an additional 210,000 Bitcoins.

The data shows that many users still prefer to take security risks by leaving the majority of their assets on centralized exchanges, despite the risk that their hot wallets could be hacked by hackers.

The proportion of Bitcoin held by five centralized exchanges could actually rise above 10% when Chainalysis recently estimated that around 3.7 million BTC has not been moved in over the past five years. If that is true, then nearly 15% of Bitcoin's supply is currently managed on these five centralized platforms.

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