Coinbase, the US-based cryptocurrency exchange, is trying to drive the market as it holds a large amount of bitcoin.
According to the most recent analysis conducted by the Block’s Larry Cermak, approximately 3.08 million worth of bitcoin is currently held by the crypto exchanges on behalf of their users. This figure makes up almost 16.5% of the entire supply of 21 million.
The report also showed that on 9 February 2020, 3.43 million worth of bitcoin was held by exchanges, representing nearly 19% of the total supply of bitcoin. A lot of people have moved their Bitcoins out of exchanges, indicating that traders are more willing to hold now.
The report disclosed that Coinbase stands at the top as it holds almost 984,300 BTC in its wallets. Notably, followed closely by Huobi, Binance, OKEx, and BitMEX.
The figure comes from a mix of reliable sources including Glassnode, Peckshield, and BitFury.
Coinbase has recently announced the listing of MakerDAO (MKR), the second attempt to list the digital asset in the past year. Coinbase even launched an official campaign back in April 2019 for MKR but eventually pulled out of the deal.