16% Of Ethereum Is Still On Centralized Exchanges Compared To BTC's 11%
January 11, 2023 (Investorideas.com Newswire) Centralized Exchanges (CEXs) hold far more Ethereum (ETH) than Bitcoin (BTC). That's per a BitcoinCasinos.com data presentation. The site reports that 16% of ETH is still on CEXs compared to 11% of BTC. To put it into perspective, ETH holdings across exchanges stand at roughly 19.3M, while BTC's is nearly 2.27M.
The most likely reason CEXs hold more ETH than BTC is the project itself. Ethereum has become a hub for decentralized finance (DeFi) and other applications since its launch in 2015. This means that users who want to participate in these services need to acquire ETH from different CEXs.
On the other hand, Bitcoin's use case has long been an investable asset. So users who wish to buy it tend to store it in hardware wallets for safekeeping.
BitcoinCasinos investment expert Edith Reads also suggests ETH investors are less worried about fake assets or rehypothecation on CEXs than BTC holders. She said: “Ethereum investors are seemingly more confident in the measures that CEXs take to protect their funds and assets. That signals faith among them that is increasingly seen as lacking among the more wary Bitcoin holders.”: The full story and statistics can be found here: 16% Of Ethereum Is Still On Centralized Exchanges Compared To BTC's 11%
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