Binance hits a new all-time high in bitcoin holdings as the exchange prepares proof-of-reserves.
Binance Holds the Most Bitcoin Reserves
Binance now holds nearly 600,000 bitcoin, becoming the cryptocurrency exchange with the largest reserve holding of the coin.
As the largest cryptocurrency exchange in the world prepares to submit its proof-of-reserves to the public, Binance is acquiring more bitcoin and moving funds around. The latest development sees the exchange surpass Coinbase as the top reserve holder of bitcoin.
According to CryptoQuant, Binance’s 588,130 bitcoin represent just under 3% of the total total supply of 21 million. Another source, CoinGlass, shows Binance at 578,000, still above Coinbase Pro. With a current price of around $16,000, Binance’s holdings are around $10 billion.
Binance has increased its bitcoin supply considerably in the last few weeks. As many other exchanges have seen outflows in the last few weeks, Binance has ponied up and added a significant amount of bitcoin in comparison to its rivals.
Binance has accumulated nearly as much bitcoin in the last 30 days as Coinbase has lost, according to figures from CoinGlass. The new accumulation of bitcoin puts Binance past its all-time high in holdings.
In light of the recent FTX collapse, Binance CEO Changpeng Zhao, has called for more transparency from all crypto actors. As Binance prepares to present proof-of-reserves to the public as a gesture of transparency, the company is noticeably moving funds around from cold wallets to hard wallets.
In the times following the FTX crash, the crypto community must remain skeptical of all exchange activity. Could these be loans? Should Binance show proof-of-liabilities as well?
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
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