There are currently approximately 716,000 bitcoins (4.1% of circulation), 7 million ether (6.8% of circulation) and 1.2 billion tether (63.5% of circulation) held in the publicly known wallets of crypto exchanges according to research conducted by The Block (see the table). It’s important to note that:
- the included exchanges could control even more wallets, which are not publicly known
- some major exchanges including Coinbase and BitMEX, which hold significant amounts of cryptocurrencies on behalf of customers, do not have publicly known wallets so they are not included in this summary
Coinbase said that it migrated as much as 5% of bitcoin in circulation and 8% of all ethereum in December due to the scheduled wallet maintenance.