Coinbase holds 1,000,000 Bitcoin valued at roughly $8.4 billion

The largest cryptocurrency exchange in the United States, Coinbase is set to reach a new milestone. It’s about to hold 1,000,000 Bitcoin valued at roughly $8.4 billion, according to a new analysis by blockchain data platform Longhash.

Longhash, which tracks on-chain asset transfers, reports that as Coinbase remains the largest crypto exchange, and its lead increased steadily over the past year. Exchanges including Binance, Bitfinex, Bittrex, Bitstamp, Kraken, and Coincheck saw relatively little change in their holdings in 2019. Huobi, Bitflyer, OKEx, and Gate.io all saw substantial increases.

Coinbase has by far the highest amount of Bitcoin of all crypto exchanges, and its holdings grew substantially over the past year. Moreover, that growth was relatively steady, apparently unaffected by the up-and-downs in prices. It is set to exceed the 1,000,000 thresholds very soon, said Longhash.

Coinbase’s apparent dominance and steady growth may be because it attracts a large share of long-term/institutional investors, who are less concerned with short term price swings.

In the chart above, we can see some significant differences. Binance maintained its position as the second-largest exchange for most of the year, and its holdings oscillated without showing an obvious trend. Bitfinex started the year in the third-place spot, but its holdings drained during the first quarter, and only recovered near the end of 2019.

Huobi may be the most interesting case. It jumped from fifth-largest to the second-largest over the course of 2019. It has been alleged that the bulk of PlusToken transactions were processed through Huobi, which, if true, could have accounted for this dramatic jump in rank.

Brian Amstrong, Co-Founder and CEO of Coinbase, Image via Instagram

In short, based on cold wallet holdings, Coinbase remains the largest crypto exchange, and its lead increased steadily over the past year. Exchanges including Binance, Bitfinex, Bittrex, Bitstamp, Kraken, and Coincheck saw relatively little change in their holdings in 2019. Huobi, Bitflyer, OKEx, and Gate.io all saw substantial increases.

Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase has followed Bitcoin’s rise, growing in popularity and dominance by giving first-time enthusiasts an easy way to buy Bitcoin and enter the crypto markets.

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