Despite the recent decline, exchanges still hold more than 16% of all bitcoins

Cryptocurrency exchanges hold more than 3 million bitcoins, an equivalent of $29.3 billion on behalf of users, according to research by The Block.

Compiling a comprehensive list of exchange wallets is an impossible task without the help of sophisticated on-chain analysis. This is because some exchanges, such as Coinbase, hold their bitcoins in hundreds of cold wallets with only small amounts. Other exchanges, such as Huobi, have their holdings spread across a few massive wallets (such as this one holding 255.5k BTC).