Binance overtakes Coinbase as the largest Bitcoin reserve holder
According to data, Binance is currently the exchange with the highest Bitcoin reserve on the market, surpassing Coinbase.
According to an analyst’s article on CryptoQuant, Binance has for the first time become the biggest BTC reserve holding.
The “exchange reserve” is an indicator that indicates the total amount of Bitcoin presently kept in the exchange’s wallets.
When the value of this indicator increases, it indicates that investors are currently depositing their coins to the exchange. Conversely, a drop indicates that holders are now withdrawing their BTC from the exchange.
This dramatic decline has been caused by the collapse of FTX. The failure of the exchange has made investors throughout the market more apprehensive of centralized platforms, causing them to make considerable withdrawals to store their coins in wallets to which they have private keys.
However, one exchange has shown an extraordinary pattern. In contrast to other exchanges, Binance’s reserve has expanded throughout this time.
Initially, like FTX, Binance saw a significant decline in its reserves, but in recent days the exchange has received a massive inflow of deposits.
This recent quick increase in the Bitcoin reserve of the exchange has not only compensated for the initial fall but has also well beyond the prior value.
Binance’s BTC reserves have now reached a new all-time high and surpassed Coinbase’s BTC holdings to become the largest exchange in terms of reserves.
At the time of writing, Bitcoin’s price is about $16,000, a 4% decrease from the previous week. In the previous month, the cryptocurrency’s value decreased by 16%.