Binance Has About 600,000 Bitcoins Currently, Nearly 3 Percent Of Total Cap: Report

Binance Has About 600,000 Bitcoins Currently, Nearly 3 Percent Of Total Cap: Report

Bitcoin (BTC) reserves have reportedly increased to 582,054, which is valued at $9.62 billion, as per Bitcoin’s exchange rate on November 20, 2022. At an all-time high, the reserve stash grew significantly in value from its previous value, which stood at over $5 billion between November 7 and November 14 this year. This happened amid a lot of talks about proof of reserves and self-custody. In terms of percentage, it holds about 2.77 percent of the 21 million capped supply. 

With this, it becomes the company’s largest stashed BTC’s cache to date. In terms of trade volume, Binance is the largest cryptocurrency exchange in the world. The trading platform has a good amount of digital assets as well.

For some time now, exchanges like Binance have been sharing a lot of crypto addresses to show that they have multiple specific assets as per a study conducted by Bitcoin.com. In the wake of the FTX collapse, Binance CEO Changpeng Zhao commented, “Binance will start to do proof-of-reserves soon.” Earlier, the exchange had provided hot and cold wallet addresses. The company has also said there will be “Merkle tree (proof-of-reserves).” It will include plans to share with the “community in the next few weeks.”

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Nansen, an analytics firm, earlier published a dashboard of digital currency exchange reserves from Derbit, Crypto.com, OKX, Kucoin, and Binance. Bitcoin.com cited Archive.org statistics that suggested that Binance’s reserve status stood at $26.71 billion on November 11, 2022. And just after nine days, Binance reserves skyrocketed to crypto assets valued at $65.69 billion.

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About a week ago, over $5 billion worth of BTC and Ethereum (ETH) were removed from exchanges between November 7 and November 14, 2022, according to Bitcoin.com. Earlier, Binance had about 526,128 BTC on November 6, which plummeted to about 447,964 on November 12. Surprisingly, just within six days, BTC reserves went down by 78,164 Bitcoins. A movement of a lot of BTC from cold and hot wallets was observed on November 18.

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In an analysis published on Bitcoin.com, it quoted on-chain market intelligence firm CryptoQuant, which said Binance’s Bitcoin reserve stash is currently at an all-time high. With this, Binance commands about 2.77 percent of BTC’s 21 million total supply. Bitcoin.com reports that Binance’s exchange is holding more BTC than Coinbase. In terms of numbers, Coinbase Pro held 533,946 BTC as of November 19, 2022.

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