By Bitcoin.com - 4 months ago - Reading Time: 3 minutes
Binance’s Bitcoin Reserve Stash Nears 600,000, Company’s BTC Cache Is Now the Largest Held by an Exchange
While there’s been a lot of discussions concerning proof-of-reserves, self-custody, and the more than $5 billion in bitcoin and ethereum that left exchanges between Nov. 7 through Nov. 14, 2022, Binance’s bitcoin stash has grown significantly since Nov. 12. In fact, metrics from cryptoquant.com indicate that Binance’s bitcoin reserves reached an all-time high on Nov. 19, 2022, as the trading platform holds roughly 582,054 bitcoin worth $9.62 billion using bitcoin’s exchange rate on Nov. 20, 2022.
Binance Holds Close to 600,000 Bitcoin Today or Roughly 2.77% of the 21 Million Capped Supply
The centralized exchange (cex) Binance is the largest cryptocurrency exchange by trade volume, and the trading platform holds quite a bit of digital assets. There’s been a lot of discussions concerning proof-of-reserves lately and exchanges have been sharing crypto addresses to prove they hold specific assets.
Following the FTX collapse, Binance’s CEO Changpeng Zhao (CZ) told the public that “Binance will start to do proof-of-reserves soon.” The exchange then provided hot and cold wallet addresses that week associated with Binance and the company further promised “Merkle tree [proof-of-reserves]” with plans to share them with the “community in the next few weeks.”
The analytics firm Nansen also published a dashboard that includes digital currency exchange reserves from Deribit, Crypto.com, Okx, Kucoin, and Binance. A snapshot from archive.org indicates that Binance’s reserve status on Nov. 11, 2022, was $26.71 billion. Nine days later, Nansen’s Binance reserves dashboard indicates the firm now holds crypto assets worth $65.69 billion.
Six days ago, Bitcoin.com News reported on the fact that data had shown between Nov. 7 through Nov. 14, 2022, more than $5 billion in BTC and ETH was removed from exchanges. Statistics from cryptoquant.com shows Binance held approximately 526,128 BTC on Nov. 6, 2022, and by Nov. 12, Binance’s BTC stash was down to 447,964. The firm’s BTC reserves dropped by 78,164 bitcoin in six days time. On Nov. 18, blockchain parsers, and more specifically btcparser3, had shown Binance was moving a lot of BTC from cold and hot wallets.
Furthermore, Binance’s bitcoin (BTC) reserves stash, at least according to cryptoquant.com statistics, is sitting at an all-time high. On Nov. 19, 2022, cryptoquant.com records show 582,511 bitcoin is reportedly stored on Binance. If cryptoquant.com’s data is correct, Binance commands 2.77% of BTC’s 21 million total supply.
Coinglass.com’s bitcoin exchange balance data shows Binance holds 572,332.34 on Nov. 20, 2022. The metrics from coinglass.com indicates that 127,224.90 was added to Binance’s bitcoin cache in the last seven days.
Binance’s exchange balance stats stemming from both cryptoquant.com and coinglass.com indicates that the exchange currently holds more BTC than Coinbase. Cryptoquant.com metrics show Coinbase Pro held 533,946 BTC on Nov. 19, 2022. Coinglass.com’s bitcoin exchange balance data shows Coinbase Pro holds 529,544.83 BTC on Sunday, Nov. 20, 2022.
What do you think about Binance’s bitcoin reserve status growing close to 600K bitcoin this weekend? Let us know what you think about this subject in the comments section below.
Original source: Bitcoin.com