Bitcoin is making strides as the week wraps up, following the U.S. Federal Reserve’s rate cut on Wednesday. The price hit an intraday peak of $63,882 per coin, its highest point since Aug. 26, 2024. Over the past month, bitcoin has performed impressively, climbing 7.8% and leaving gold’s 3.5% gain in the dust.
Additionally, on Aug. 19, 2.68 million bitcoins were stored on centralized exchanges, but today that figure has dropped by 100,250 BTC. According to insights from cryptoquant.com, exchanges now hold 2.58 million BTC, a level not seen since early November 2018.
This reduced BTC supply on trading platforms suggests less selling pressure and contributes to its growing scarcity. Meanwhile, since Aug. 19, 2024, a slight increase in ethereum (ETH) holdings was observed, rising from 18.79 million to the current 18.86 million.
However, ethereum reserves on centralized exchanges are dwindling fast, with the current 18.86 million marking a low not seen since July 2016. This translates to around $44.48 billion worth of ethereum. At press time, exchanges also hold an impressive $163.84 billion in bitcoin. This means trading platforms possess 13.11% of BTC’s market cap, while ethereum held on exchanges accounts for 15.03% of its total valuation.
