Binance overtakes Coinbase; becomes largest Bitcoin reserve holder
For the first time, Binance has taken the lead in the number of Bitcoin reserves on the exchange, becoming the largest global Bitcoin Reserve ahead of Coinbase.
Binance becomes the largest Bitcoin holder
Leading blockchain ecosystem and digital asset exchange, Binance has taken on a new title as the world’s largest Bitcoin Reserve, according to a market analysis carried out by CryptoQuant yesterday, November 21, 2022.
As reported by the renowned crypto analyst In, Binance has officially become the largest BTC reserve holder for the first time.
Despite the “Bank Run” crisis after the FTX disaster that shook the whole crypto space, Binance keeps achieving greater feats. Yesterday, CryptoQuant wrote:
“While most of the reserves of other exchanges decreased, not much or less, for the first time, Binance has surpassed Coinbase Pro to take the top spot in terms of Bitcoin reserves on the exchange, marking absolute strength during this bloody period.”
Highlighting the top five Bitcoin holders, CryptoQuant listed Binance Exchange first, holding about 584,083 BTC. Second in line is the international crypto trading platform Coinbase, which has 533,048 BTC, followed by British crypto exchange Bitfinex holding third place with about 345,534 BTC. Gemini comes fourth with about 158,918 BTC reserves. The fifth largest Bitcoin Reserve is US-based Kraken holding 71,426 BTC.
CryptoQuant’s review
Although Binance also experienced a major plunge in its reserve after FTX went down, in recent days, the exchange has received a very large amount of deposits, boosting its reserve and bringing it to the first position.
The “exchange reserve” is an indicator that measures the total amount of Bitcoin currently being stored in the wallets of a centralized exchange. When this metric’s value rises, investors now deposit their coins to the exchange. On the other hand, a decrease suggests holders are taking their BTC out of that exchange at the moment.
According to market data and graphs, the Bitcoin exchange reserves of almost all the big players have been falling off sharply recently. The reason behind this rapid downtrend has been the collapse of FTX. The exchange’s bankruptcy has made investors wary of centralized platforms, with significant withdrawals made to keep their coins in wallets where they own the keys.
However, unlike the other exchanges, Binance has shown an exceptional trend as its reserve increased in this period. This recent rapid spike in the exchange’s Bitcoin reserve has made up for the initial decline and far surpassed the value preceding it.
