In fact, the measures of cryptoquant.com report that Binance’s bitcoin reserves hit a record 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 now holds nearly 600,000 bitcoins, or about 2.77 percent of the capped supply of 21 million.
Centralized exchange (cex) Binance is the largest crypto-currency exchange in terms of trading volume, and the trading platform holds quite a few digital assets. There’s been a lot of talk about proof of reserves lately, and exchanges have been sharing crypto addresses to prove that they hold specific assets.
After the FTX collapse, Binance CEO Changpeng Zhao (CZ) told the public that “Binance will soon begin to demonstrate the reserves“. The exchange then provided hot and cold portfolio addresses associated with Binance that week and the company further promised a “Merkle tree [preuve de réserves]” with plans to share them with the “community in the coming weeks.“
Analytics firm Nansen has also published a dashboard that includes digital currency exchange reserves from Deribit, Crypto.com, Okx, Kucoin and Binance. A snapshot from archive.org shows that Binance’s reserve status on Nov. 11, 2022 was $26.71 billion. Nine days later, Nansen’s Binance reserves dashboard shows that the company now holds $65.69 billion worth of crypto assets.
Six days ago, data had shown that between November 7 and November 14, 2022, more than $5 billion in BTC and ETH had been withdrawn from trading. Statistics from cryptoquant.com show that Binance held about 526,128 BTC on November 6, 2022, and on November 12, Binance’s BTC reserve was down to 447,964. The company’s BTC reserves dropped by 78,164 bitcoins in six days. On November 18, blockchain analyzers, specifically btcparser3, showed that Binance was moving a lot of BTC from cold and hot wallets.
Furthermore, Binance’s bitcoin reserves, at least according to cryptoquant.com’s statistics, have never been higher. On November 19, 2022, cryptoquant.com records show that 582,511 bitcoins are reportedly stored on Binance. If cryptoquant.com’s data is correct, Binance holds 2.77% of the total 21 million BTC supply.
Coinglass.com’s bitcoin exchange balance data shows that Binance holds 572,332.34 on November 20, 2022. Coinglass.com’s metrics show that 127,224.90 have been added to Binance’s bitcoin cache in the last seven days.
Binance’s exchange balance statistics from both cryptoquant.com and coinglass.com indicate that the exchange currently holds more BTC than Coinbase. Cryptoquant.com’s measurements show that Coinbase Pro held 533,946 BTC on November 19, 2022. Bitcoin exchange balance data from Coinglass.com shows Coinbase Pro holding 529,544.83 BTC on Sunday, November 20, 2022.