Institutions continue buying Bitcoin while US-based CEXs see reserve decline
Data shared by CryptoQuant.com displays that leading non-US centralized exchange (CEX) Binance, along with other non-US CEXs like OKX and Bitfinex, experienced an increase of over 10% in their Bitcoin reserves in the past year. This growth demonstrates a strong position for Binance within the crypto market.
In contrast, US-based CEXs such as Coinbase, Gemini, and Kraken saw their Bitcoin reserves decline significantly, with some experiencing drops of more than 50%. Meanwhile, data indicates a continuous trend in institutional Bitcoin purchases, exemplified by over 20,000 BTC being withdrawn from Gemini in August alone.
The futures market also showed increased exposure, resulting in a record high for Bitcoin contract positions since November 2022. However, August experienced a sharp Bitcoin price drop, leading to the market's highest liquidation record since the FTX crash in November 2022.
