While there have been many discussions surrounding the proof of reserve, self-custody, and the more than $5 billion worth of bitcoin and ethereum that left the exchange between November 7 and November 14, 2022, Binance’s bitcoin stash has grown significantly significant since November 12. In fact, metrics from cryptoquant.com indicate that Binance’s bitcoin reserves hit an all-time high on November 19, 2022, as the trading platform holds approximately 582,054 bitcoins worth $9.62 billion using the bitcoin exchange rate on November 20, 2022.
Binance Holds Nearly 600,000 Bitcoin Today or About 2.77% of 21 Million Limited Supply
Centralized exchange (cex) Binance is the largest cryptocurrency exchange by trading volume, and the trading platform holds quite a few digital assets. There has been a lot of talk lately about proof of reserve and exchanges have been sharing cryptographic addresses to prove they hold specific assets.
After the collapse of FTX, Binance CEO Changpeng Zhao (CZ) told the audience that “Binance will soon start testing reserves”. The exchange then provided hot and cold wallet addresses that week associated with Binance, and the company also promised “Merkle tree”. [proof-of-reserves]” with the intention of sharing them with the “community in the coming weeks”.
Analyst firm Nansen also released a dashboard including digital currency exchange reserves from Deribit, Crypto.com, Okx, Kucoin, and Binance. A snapshot from archive.org indicates that Binance’s reserve status as of November 11, 2022 was $26.71 billion. Nine days later, Nansen’s Binance reserves dashboard indicates that the firm now holds $65.69 billion worth of crypto assets.
Six days ago, Bitcoin.com News reported that data showed between Nov. 7 and Nov. 14, 2022, over $5 billion worth of BTC and ETH were removed from exchanges. Statistics from cryptoquant.com show that Binance held approximately 526,128 BTC as of Nov. 6, 2022, and as of Nov. 12, Binance’s BTC stash had dropped to 447,964. The firm’s BTC reserves fell by 78,164 bitcoins in six days. On Nov. 18, blockchain parsers, and more specifically btcparser3, had shown that Binance was moving a lot of BTC from cold and hot wallets.
Furthermore, Binance’s bitcoin (BTC) reserves, at least according to statistics from cryptoquant.com, are at an all-time high. As of November 19, 2022, cryptoquant.com records show that 582,511 bitcoins are stored on Binance. If cryptoquant.com’s data is correct, Binance controls 2.77% of the total 21 million BTC supply.
Bitcoin trading balance data from Coinglass.com shows that Binance holds 572,332.34 as of Nov. 20, 2022. Coinglass.com’s metrics indicate that 127,224.90 were added to Binance’s bitcoin cache over the past seven days.
Binance exchange balance stats from both cryptoquant.com and coinglass.com indicate that the exchange currently holds more BTC than Coinbase. Cryptoquant.com metrics show Coinbase Pro held 533,946 BTC on Nov. 19, 2022. Bitcoin exchange balance data from Coinglass.com shows Coinbase Pro held 529,544.83 BTC on Sunday, Nov. 20, 2022.
What do you think of Binance’s bitcoin reserve status growing close to 600,000 bitcoins this weekend? Let us know what you think about this topic in the comments section below.
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