Binance surpassed Coinbase becomes greatest Bitcoin reserve holding
New York City: Binance now holds the most Bitcoin reserves on the exchange, surpassing Coinbase to become the biggest Bitcoin Reserve in the world. This is the first time that Binance has held this position.
According to a market research that was conducted out by CryptoQuant yesterday, November 21, 2022, Binance has taken on a new title as the world’s biggest Bitcoin Reserve. Binance is a leading blockchain ecosystem and digital asset exchange.
According to the well-known cryptocurrency analyst In, the cryptocurrency exchange Binance has officially become the biggest holder of BTC reserves for the first time.
Binance continues to do remarkable things in spite of the “Bank Run” crisis that followed the FTX debacle, which shocked the whole cryptocurrency sector. CryptoQuant published the following yesterday:
Binance has surpassed Coinbase Pro to take the top spot in terms of Bitcoin reserves on the exchange, marking absolute strength during this volatile period. “While the reserves of most of the other exchanges decreased, not much or less, for the first time, Binance has surpassed Coinbase Pro to take the top spot.”
Binance Exchange came in first place on CryptoQuant’s list of the top five Bitcoin holders, with around 584,083 BTC in its possession. Following Coinbase in second place is the worldwide cryptocurrency trading platform Coinbase, which has a total of 533,048 BTC. In third place is the British cryptocurrency exchange Bitfinex, which has around 345,534 BTC. Gemini is now in fourth place with around 158,918 BTC in reserves. Kraken, which is situated in the United States, now has 71,426 Bitcoins and is the fifth biggest Bitcoin Reserve.
However, in recent days, the exchange has received a very high quantity of deposits, which has boosted its reserve and brought it to the #1 place. This is despite the fact that Binance also saw a significant drop in its reserve when FTX went down.
An “exchange reserve” is an indicator that indicates the total quantity of Bitcoin that is presently held in the wallets of a centralized exchange. This amount may be thought of as the “exchange reserve’s” holding capacity. Investors are now depositing their coins into the market whenever the value of this statistic increases. A drop, on the other hand, may imply that holders are withdrawing their Bitcoin from that exchange at the present time.
According to the statistics and graphs that are available on the market, practically all of the major companies’ Bitcoin exchange reserves have been significantly decreasing as of late. The devaluation of FTX has been the driving force behind this precipitous downward trend. Due to the failure of the exchange, investors are now more skeptical of centralized platforms. As a result, investors have made considerable withdrawals to store their coins in wallets where they control the keys.
Nevertheless, in contrast to the other exchanges, Binance has shown an outstanding trend, since the size of its reserve has grown throughout this time period. The recent sharp increase in the Bitcoin reserve at the exchange has more than made up for the drop that occurred before and has well exceeded the value that existed before it.