Not your keys, not your BTC” is a famous saying in the cryptocurrency space that means BTC on exchanges technically belongs to the exchanges since they hold the private keys to the funds. It seems the saying has not discouraged BTC holders from using exchanges as 14% of BTC’s circulating supply, amounting to over 2.6 million coins currently sits on centralized exchange wallets.
Exchanges with the biggest share of BTC include Coinbase, which holds
roughly 954,000, Huobi with 364,000, and Binance with 267,000. This is according to data released by the on-chain data analysis platform, Glassnode.