Nearly 1 million Bitcoins worth $8.4 billion now held in Coinbase's cold storage wallets

San Francisco-based crypto exchange Coinbase is reportedly holding nearly 1 million Bitcoin in its cold storage wallets.

While digital currency exchanges have been known to fake trading volume, it appears that the amount of funds held in offline storage provides a better picture.

78 BTC, or presently over $8.4 billion, in its cold wallets.

Digital asset exchange Huobi has climbed from the fifth spot to second-place this year with almost 360,000 BTC residing in its offline wallets.

Coinbase continues to custody the largest amount of BTC. An analysis of on-chain transactions has been used to determine the amount of Bitcoin held by each exchange.

Info data confirms that Coinbase continues to custody the largest amount of Bitcoin.

The leading crypto-asset exchange also has the highest number of BTC addresses at 2,057,510.

Despite fluctuations in the BTC price, the majority of Coinbase users continued to accumulate Bitcoin throughout 2019.

Bitstamp, Kraken, and Bittrex occupy the sixth, seventh, and eighth positions respectively and have held roughly the same amount of BTC throughout 2019.

Cold wallet BTC holdings and exchange token prices of Huobi and OKEx experienced a substantial increase Binance and Bitfinex's token prices remained fairly flat, indicating that there could be some correlation between BTC and these native exchange coins.