While there have been lots of discussions about proof-of-reserves, self-custody, and the over $5 billion in Bitcoin and Ethereum that left most Exchanges between November 7 and November 14. Binance’s Bitcoin stash has now grown massively since November 12.
Notably, the metrics from cryptoquant.com show that Binance’s bitcoin reserves reached an all-time high on November 19, as the trading platform held 582,054 bitcoin worth $9.62 billion using Bitcoin’s exchange rate on November 20.
Binance Has 600,000 Bitcoin Or 2.77% Of The 21 Million Capped Supply
The centralized exchange (CEX) Binance is the biggest crypto exchange by trade volume, and the trading platform holds quite a bit of digital assets. There have been lots of discussions about proof-of-reserves lately and exchanges have been sharing cryptocurrency addresses to prove that they hold particular assets.
Following the collapse of the FTX exchange, Binance’s CEO Changpeng Zhao (CZ) told the public that Binance is ready to start doing proof-of-reserves soon. The exchange then offered hot and cold wallet addresses that week and linked with Binance and the firm promised:
“Merkle tree [proof-of-reserves]” with plans to share them with the “community in the next few weeks.”
The analytics company Nansen also unveiled a dashboard that features digital currency exchange reserves from Okx, Kucoin, Deribit, Crypto.com, and Binance. A snapshot from archive.org shows that Binance’s reserve status on November 11, was $26.71 billion. Nine days later, Nansen’s Binance reserves dashboard showed that the company now holds crypto assets worth $65.69 billion.
About a week ago, news emerged that market data had shown between November 7 and November 14 over $5 billion in ETH and BTC was removed from exchanges.
Statistics from cryptoquant.com indicate that Binance held about 526,128 BTC on Nov. 6, 2022, and by November 12, its stash was down to 447,964. The company’s Bitcoin reserves dropped by 78,164 in only six days. On November 18, blockchain parsers, and mainly btcparser3, had shown Binance was moving lots of Bitcoin from cold and hot wallets.
Btcparser3 caught some massive movement from Binance wallets on November 18, 2022.
Moreover, Binance’s bitcoin (BTC) reserves stash, at least based on cryptoquant.com statistics, is sitting at an all-time high. On November 19, Cryptoquant records showed that 582,511 bitcoin were allegedly stored on Binance. In case Cryptoquant’s data is correct, Binance owns 2.77% of Bitcoin’s 21 million total supply.
Coinglass.com’s bitcoin exchange balance data indicate that Binance had 572,332.34 on November 20, 2022. The metrics from Coinglass show that 127,224.90 was added to Binance’s bitcoin stash in the past seven days.
Binance’s exchange balance statistics arising from Cryptoquant and Coinglass show that the exchange now owns more Bitcoin than Coinbase. Cryptoquant metrics indicated that Coinbase Pro had 533,946 BTC as of November 19. Coinglass’ bitcoin exchange balance data indicated that Coinbase Pro held 529,544.83 BTC on Sunday, November 20, 2022.