The supply of a token on exchanges is a parameter that is usually closely monitored. The top coins, Bitcoin, Ethereum are especially closely monitored when it comes to the supply on exchanges. What about HIVE?
What is the share of the HIVE supply held on exchanges? What is the trend is it going up or down? How has deposited/withdraw the most? Let’s take a look!
Here we will be looking at the following:
- Daily deposits to exchanges
- Daily withdrawals from exchanges
- Net deposits VS withdrawals
- HIVE balance on exchanges
- Top accounts that deposited to exchanges
- Top accounts that withdraw from exchanges
- Top exchanges balance
Exchanges taken in the analysis: Upbit, Binance, Bithumb, Hive Engine, Huobi, Gate.io, MEXC, Bittrex and Indodax. There are few more exchanges but the volume there is quite low.
Deposits to Exchanges
Here is the chart for the daily transfers/deposits to exchanges.
Note: Transfers between exchanges accounts are excluded from the data above.
We can notice some spikes in the data above. There seems to be more volatility in the past especially in 2021, and then some uptrend in January 2023 again.
On average there is 300k HIVE deposited daily in 2024. Note these are not net deposits. For that we need to look at the daily withdrawals as well.
Withdrawals from Exchanges
The chart for the daily withdrawals looks like this.
As for the above, here as well the transfers between exchanges accounts are excluded.
We can see the strong moves here back in August 2021 as well, and some spikes since then. On average in 2024 there is 204k daily HIVE withdrawn from exchanges.
Net Daily Deposits
When we add the deposits and withdrawals on a daily basis the chart looks like this.
The most noticeable moves here as well are back in 2021, when first there was a lot of withdrawals and then deposits to exchange. Since then, we ca see some spikes up and down, but much smaller moves.
Monthly Net Deposits VS Withdrawals
When we add the deposits and withdrawals on a monthly basis the chart looks like this.
A clearer representation here.
Again, the volatility back from 2021 is noticeable here as well. This is because of the HBD movements at the time, when HBD increased to above its peg, and a lot of HIVE was withdrawn from exchanges and converted to HBD.
When we zoom in 2023-2024 we get this:
In 2023, the year started with January having more HIVE withdrawn from exchanges then deposited, a total of -1.5M HIVE, then a jump in March to 6M, a drop again in April and a positive net deposit around 2M HIVE monthly. In May 2024 we have again an increase to more than 4M.
Overall a growth for the amount of HIVE on exchanges.
Top Accounts that Deposited to Exchanges in 2024
Who has transferred the most funds to exchanges? Here is the chart for 2024.
The @exchangeme account is on the top here with almost 4M HIVE deposited to exchanges in 2024. I guess this is some helper service, might even be a Binance account, because all the transfers are redirected to Binance. Next is @sl-swap, that is a Splinterlands account.
Note that this is a net HIVE deposited to exchanges, with both, deposits and withdrawals taken into account.
Top Accounts that Withdrawn from Exchanges in 2024
Who has withdrawn the most funds from exchanges? Here is the chart for 2024.
@lazy-panda is on the top here with 1.6M HIVE. This account is know for its HBD holdings, so the guess is that a lot of this HIVE was converted to HBD. Next is @coinex-wallet, that is a Coinex account, an exchange that since recently became more active with HIVE. @dsky on the third spot with close to 700k HIVE.
HIVE Balance on Exchanges
What is the amount of HIVE on exchanges?
Here is the chart.
As we can see the overall HIVE balance on exchanges has been growing, with some dips along the way. The biggest dip happened back in September 2021, when there was a lot of HIVE converted to HBD due to the increase in the HBD price. A steady growth since then with occasional small dips.
The current supply for HIVE on exchanges is at 177M HIVE. Back in 2020 this number was around 120M HIVE, so more than 50M HIVE has been added on exchanges in a four year period. In 2024 alone the amount of HIVE on exchanges increased from 165M to 177M, adding 12M in the first five months.
When we plot the balance on the exchanges against the total HIVE supply, we get this.
HIVE share on exchanges in percent %.
From the chart above we can say that the HIVE balance on exchanges has been growing both in absolute and in relative terms.
We are now higher than 40% of all the HIVE on exchanges. This is an all-time high when it comes to the share of HIVE on exchanges. For comparison the Bitcoin share on exchanges is now around 10%.
The top exchanges that hold HIVE are the following:
Upbit is absolutely dominant with 120M HIVE. On the second spot is Binance with 37M, followed by Bithumb. Hive Engine on the fourth place now. Coinex also in the top for the first time with 1M HIVE.
Upbit and Binance have been the major two exchanges for HIVE for years now. Bittrex was a big exhanfes back in the days, but it stopped operating.
Upbit:
Binance:
Upbit has been constantly growing in the years, but it seems that it has slowed down in the last period, and now coins are flowing towards Binance.
Here is the chart for Upbit VS Binance:
There are now 120M HIVE on Upbit, but these numbers have dropped in the last few months. At one point there was close to 130M HIVE, meaning around 10M HIVE have been outflown from Upbit. On the other hand, Binance has now started to grow for the first time after a while and the supply there increased from 25M to 37M.
While the overall amount of HIVE on exchanges and it share (40%) has kept growing at least we can see a small positive in the case where Upbit has lost its dominance for just a bit, or at least it is not increasing. Not sure what is causing the trend for the HIVE coins to flow from Upbit to Binance, but this is the case. If we look at the metric for the amount of HIVE on exchanges we might even conclude that HIVE is undervalued atm, but the price side of things is very hard to predict and evaluate. NFA 😊!
All the best
@dalz