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Binance Said to Possess Largest Bitcoin Reserves Globally: Reports

November 22, 2022

#Binance#BITCOIN#BTC#CRYPTOCURRENCY#NEWS

Behemoth cryptocurrency exchange Binance is rightfully considered to be the largest by trade volume, as the trading platform holds a sizable bank of digital assets in its reserves. Recently, proof-of-reserves have been a hot topic, and exchanges have been providing crypto addresses to demonstrate their ownership of particular assets.

Shortly after FTX went bust, Binance CEO Changpeng Zhao (CZ) tweeted that his exchange “will start to do proof-of-reserves soon.”

In line with this trend, blockchain intelligence firm Nansen recently released a dashboard featuring the exchange reserves for digital currencies from Deribit, Crypto.com, OKX, Kucoin, and Binance. According to a snapshot taken from archive.org, the giant crypto exchange had $26.71 billion in reserves as of November 11, 2022. However, Nansen’s Binance Reserves dashboard shows that nine days later, the company had crypto assets valued at $65.69 billion.

According to data from cryptoquant.com, on November 6, 2022, Binance possessed about 526,128 BTC, but by November 12, that number had dropped to 447,964 BTC. In just six days, the company’s BTC reserves decreased by 78,164 BTC. Blockchain parsers—more specifically, btcparser3—had revealed Binance was moving a significant amount of BTC from cold and hot wallets on November 18.

Binance’s Bitcoin Reserve Stash Nears 600,000, Company's BTC Cache Is Now the Largest Held by an Exchange

Additionally, based on cryptoquant.com figures, Binance’s Bitcoin (BTC) reserves are at an all-time high. According to cryptoquant.com records, 582,511 BTC are reportedly stored on Binance as of November 19, 2022. If the information from cryptoquant.com is accurate, it means Binance controls 2.77% of the total 21 million BTC in existence.

According to the Bitcoin exchange balance data on Coinglass.com, as of November 20, 2022, Binance possessed 572,332.34 BTC. According to stats from coinglass.com, 127,224.90 worth of Bitcoin was added to Binance’s cache over the course of the last seven days.

Binance Holds More Bitcoins Than Coinbase

Binance’s Bitcoin Reserve Stash Nears 600,000, Company's BTC Cache Is Now the Largest Held by an Exchange

According to statistics on Binance’s exchange balance obtained from both coinglass.com and cryptoquant.com, the exchange presently has more Bitcoins than Coinbase. On November 19, 2022, according to Cryptoquant.com measurements, Coinbase Pro possessed 533,946 BTC. On Sunday, November 20, 2022, Coinbase Pro possessed 529,544.83 BTC, according to data from Coinglass.com’s Bitcoin exchange.

 

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