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 about 2.77% of the capped supply of 21 million
Centralized Exchange (CEX) Binance is the largest cryptocurrency exchange by trade volume, and the trading platform houses a significant number of digital assets. There has been a lot of talk lately about proof-of-reserve and exchanges sharing crypto addresses to prove that 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.”
Analytics firm Nansen also published a dashboard that includes digital currency exchange repositories Deribit, Crypto.com, Okx, Kucoin and Binance. A snapshot from Archive.org indicates that Binance had a reserve position of $26.71 billion as of November 11, 2022. Nine days later, Nansen’s Binance Reserves dashboard indicated that the firm now held $65.69 billion worth of crypto assets.
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 are at an all-time high, at least according to data from cryptoquant.com. As of November 19, 2022, there are 582,511 bitcoins stored on Binance, according to CryptoQuant.com records. If the data from cryptoquant.com is correct, Binance earns 2.77% of the 21 million total supply of BTC.
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 statistics, sourced from both cryptoquant.com and coinglass.com, show that the exchange currently holds more BTC than Coinbase. Cryptoquant.com metrics 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 as of Sunday, November 20, 2022.
