Binance’s Bitcoin balance, the largest cryptocurrency exchange in the world, has risen substantially over the last month after the collapse of FTX. Total holdings are now close to 600,000.
Data from crypto analytics platform Coinglass shows that Binance currently has more than 575k BTC coins. It has added more than 137.011 coins in the last week, and an additional 67.347 BTC coins in the last month.
Binance has a stack of BTC worth more than $9 billion, with Bitcoin hovering around $16,000. Binance’s recent increase in BTC stash is due to consumer confidence in smaller exchanges, which continues to grow after the extraordinary crash of FTX.
According to Coinglass, Coinbase Pro and Bitfinex are the fourth-largest Bitcoin exchange holders after Binance. They hold 528,900 and 345,597 Bitcoins, respectively, and 153,212 and 70,622 Bitcoins. Binance is the only exchange that has seen a positive net Bitcoin flow in the last week of the top five.
Binance is the largest cryptocurrency exchange by trading volume. Due to its involvement in the FTX saga, Binance has been prominently featured in recent news. Initially, the exchange had signed a non-binding deal to acquire troubled FTX. However, it walked out of the deal the next day.
What is Proof Of Reserves? Why Should Exchanges Share It?
Many in the crypto industry expressed concern about the reliability of central players after the collapse of FTX, the third-largest cryptocurrency exchange.
To counter this suspicion, crypto executives began to share proofs of reserves. Merkle Trees are used to verify that proof of reserves is valid.
Some of the biggest cryptocurrency exchanges shared their proofs of reserves over the past few days. This included information about how many and what cryptocurrencies they hold on behalf of customers. Binance was the first to share their proof of reserves, followed Bybit, Crypto.com and Huobi.
reported that crypto investment firm Grayscale refused to share its proof of-reserves due to’security concerns. Grayscale recently stated that major cryptocurrency exchange Coinbase is used as custodian by Grayscale.
Grayscale’s financial health has been questioned by some, however. Until reading this statement, I wasn’t worried about GBTC’s solvency. Please explain why proof of reserve can pose a security threat. One Twitter user stated.
