How Many Of Ethereum Supply Are In Exchanges?

Analysis platform ViewBase has released a new analysis on Ethereum (ETH) and Bitcoin (BTC). Accordingly, 24% of the Ethereum supply in circulation is kept in stock exchanges. This rate is three times the rate of Bitcoin on exchanges.

According to the result of ViewBase, the total amount of Ethereum (ETH) in the exchanges is 26 million 768 thousand 260 units. This corresponds to 23.6% of the total Ethereum, and this total amounts to $ 10.3 billion. According to ViewBase, only 8.1% of the Bitcoin supply in circulation is kept on exchanges.

Most on Coinbase

ViewBase announced that almost 26 million of 26 million 768 thousand Ethereum is held by 10 central exchanges. Coinbase is at the top of these exchanges. Coinbase alone contains 8 million 521 thousand 807 Ethereum. This corresponds to 7.5% of the Ethereum supply. In contrast, Bitfinex has 5.2 million ETH reserves, and Huobi 3.2 million ETH.

Analysis firm Glassnode has a similar research. Accordingly, Glassnode announced that the number of Bitcoins held on exchanges has decreased significantly. Bitcoin had hit an all-time high with 2.97 million copies on the stock market in February. However, Bitcoin, which recently fell below 2.6 million, changed this situation with this decrease.

Demand for Wrapped Bitcoin (WBTC) token grows

Wrapped Bitcoin (WBTC), currently with a market cap of over $ 1.5 billion, accounts for 80% of the total BTC held in Ethereum. This means that Wrapped Bitcoin has reached all-time highs, according to the official website. Wrapped Bitcoin is known as the most popular Bitcoin version tokenized for use on the Ethereum network.

Bitcoin’s recent gains seem to have contributed to the rising market cap of Wrapped Bitcoin. However, this is not the only factor driving this token’s growth. It is thought that the sudden growth of Wrapped Bitcoin, which is used specifically for yield farming in DeFi, is mostly affected by the increasing demand. According to the announcements, there are currently more than 164,000 Bitcoins locked in DeFi protocols. This corresponds to about 0.85% of all circulating supply of Bitcoin.