In fact, the measurements of cryptoquant.com indicate that Binance’s bitcoin reserves hit an all-time high on Nov. 19, 2022, as the trading platform holds approximately 582,054 bitcoins worth $9.62 billion using the bitcoin exchange rate on Nov. 20 2022.
Binance now holds nearly 600,000 bitcoins, or about 2.77% of the supply capped at 21 million.
The 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 regarding proof of reserves lately and exchanges have been sharing crypto addresses to prove that they hold specific assets.
After the collapse of FTX, Binance CEO Changpeng Zhao (CZ) told the public that “Binance will soon start proofing reserves“. The exchange then provided hot and cold wallet 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 released 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 November 11, 2022 was $26.71 billion. Nine days later, Nansen’s Binance Reserves Dashboard shows that the firm now holds crypto assets worth $65.69 billion.
Six days ago, data showed that between November 7 and November 14, 2022, more than $5 billion in BTC and ETH had been withdrawn from exchanges. Statistics from cryptoquant.com show that Binance held around 526,128 BTC on Nov. 6, 2022, and on Nov. 12, Binance’s BTC reserve was down to just 447,964. The company’s BTC reserves dropped by 78. 164 bitcoins in six days. On November 18, blockchain parsers, 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 statistics from cryptoquant.com, have never been larger. On November 19, 2022, records from cryptoquant.com show that 582,511 bitcoins were stored on Binance. If the data from cryptoquant.com is correct, Binance holds 2.77% of the total supply of 21 million BTC.
Bitcoin exchange balance data from Coinglass.com shows Binance holding 572,332.34 on November 20, 2022. Coinglass.com metrics indicate that 127,224.90 was added to Binance’s bitcoin cache over the past last seven days.
Binance exchange balance statistics 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 November 19, 2022. Bitcoin exchange balance data from Coinglass.com shows Coinbase Pro holding 529,544.83 BTC on Sunday, November 20, 2022.