Fun

Binance’s Bitcoin Reserve Stash Nears 600,000, Company’s BTC Cache Is Now the Largest Held by an Exchange

News Feed - 2022-11-21 03:11:39

Binance’s Bitcoin Reserve Stash Nears 600,000, Company"s BTC Cache Is Now the Largest Held by an Exchange


While there’s been a lot of discussions concerning proof-of-reserves, self-custody, and the more than $5 billion in bitcoin and ethereum that left exchanges between Nov. 7 through Nov. 14, 2022, Binance’s bitcoin stash has grown significantly since Nov. 12. In fact, metrics from cryptoquant.com indicate that Binance’s bitcoin reserves reached an all-time high on Nov. 19, 2022, as the trading platform holds roughly 582,054 bitcoin worth $9.62 billion using bitcoin’s exchange rate on Nov. 20, 2022. Binance Holds Close to 600,000 Bitcoin Today or Roughly 2.77% of the 21 Million Capped Supply


The centralized exchange (cex) Binance is the largest cryptocurrency exchange by trade volume, and the trading platform holds quite a bit of digital assets. There’s been a lot of discussions concerning proof-of-reserves lately and exchanges have been sharing crypto addresses to prove they hold specific assets.


Following the FTX collapse, Binance’s CEO Changpeng Zhao (CZ) told the public that “Binance will start to do proof-of-reserves soon.” The exchange then provided hot and cold wallet addresses that week associated with Binance and the company further promised “Merkle tree [proof-of-reserves]” with plans to share them with the “community in the next few weeks.” Binance bitcoin (BTC) reserves on Nov. 19, 2022, according to cryptoquant.com.


The analytics firm Nansen also published a dashboard that includes digital currency exchange reserves from Deribit, Crypto.com, Okx, Kucoin, and Binance. A snapshot from archive.org indicates that Binance’s reserve status on Nov. 11, 2022, was $26.71 billion. Nine days later, Nansen’s Binance reserves dashboard indicates the firm now holds crypto assets worth $65.69 billion. Binance bitcoin (BTC) reserves on Nov. 20, 2022, according to coinglass.com.


Six days ago, Bitcoin.com News reported on the fact that data had shown between Nov. 7 through Nov. 14, 2022, more than $5 billion in BTC and ETH was removed from exchanges. Statistics from cryptoquant.com shows Binance held approximately 526,128 BTC on Nov. 6, 2022, and by Nov. 12, Binance’s BTC stash was down to 447,964. The firm’s BTC reserves dropped by 78,164 bitcoin in six days time. On Nov. 18, blockchain parsers, and more specifically btcparser3, had shown Binance was moving a lot of BTC from cold and hot wallets. Btcparser3 caught some significant movement two days ago from Binance wallets on Nov. 18, 2022.


Furthermore, Binance’s bitcoin (BTC) reserves stash, at least according to cryptoquant.com statistics, is sitting at an all-time high. On Nov. 19, 2022, cryptoquant.com records show 582,511 bitcoin is reportedly stored on Binance. If cryptoquant.com’s data is correct, Binance commands 2.77% of BTC’s 21 million total supply.


Coinglass.com’s bitcoin exchange balance data shows Binance holds 572,332.34 on Nov. 20, 2022. The metrics from coinglass.com indicates that 127,224.90 was added to Binance’s bitcoin cache in the last seven days.


Binance’s exchange balance stats stemming from both cryptoquant.com and coinglass.com indicates that the exchange currently holds more BTC than Coinbase. Cryptoquant.com metrics show Coinbase Pro held 533,946 BTC on Nov. 19, 2022. Coinglass.com’s bitcoin exchange balance data shows Coinbase Pro holds 529,544.83 BTC on Sunday, Nov. 20, 2022. Tags in this story 2.77%, 21 million, 600K bitcoin, Binance, Binance Bitcoin, Binance BTC, Binance Reserves, Bitcoin (BTC), bitcoin reserves, Blockchain Parsers, BTC, BTC Cache, BTC Reserves, BTC Stash, Btcparser3, Coinbase Pro, coinglass.com, Crypto.com, cryptoquant.com, deribit, KuCoin, Nansen, Okx, Proof of Reserves


What do you think about Binance’s bitcoin reserve status growing close to 600K bitcoin this weekend? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Washington Post, Forbes, Wall Street Journal Slammed for "Puff Piece" Reports on FTX and Alameda Execs NEWS | 3 mins ago $333 Million in Bitcoin Vanished from FTX Days Before the Company Filed for Bankruptcy Protection NEWS | 6 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Primakov / Shutterstock.com Previous article$333 Million in Bitcoin Vanished from FTX Days Before the Company Filed for Bankruptcy Protection Next articleAltcoin SNM’s 4,000% Price Surge in 24 Hours Fuels Pump and Dump Claims Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

Bitcoin Price Breaking Out Of This Pattern — Can BTC Reclaim $90,000?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Holding the Wrong AI Crypto Could End in Disaster. Can Mind of Pepe Become a Winner in 2025?
Marc Chaikin is a legendary figure on Wall Street, renowned for spotting market trends before they unfold. His insights have accurately predicted major downturns, including the 2012 Priceline collapse, the COVID-19 marke
US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets
US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets The U.S. Department of Homeland Security has revealed a cryptocurrency intelligence p
The PoW Dominance Purge — Only 6 Crypto Assets out of the Top 50 Market Caps Use Proof-of-Work
The PoW Dominance Purge — Only 6 Crypto Assets out of the Top 50 Market Caps Use Proof-of-Work At the time of writing, only one coin in the top ten crypto assets by market capita
Crypto degens ‘hungry’ for next big SocialFi breakthrough — K33 Research
Tom Mitchelhill5 hours agoCrypto degens ‘hungry’ for next big SocialFi breakthrough — K33 ResearchCrypto users are increasingly turning attention to new SocialFi apps, but analysts say it’s probably too early to
Bitcoin Set For Encounter With Key $99,900 Price Level – Analyst
Este artículo también está disponible en español. The Bitcoin market has begun 2025 on apositive note with gains over 5% in the first four days of the year. Amidst this r
US Government Fines Bitgo for Allowing Users to Bypass Sanctions With Cryptocurrency
US Government Fines Bitgo for Allowing Users to Bypass Sanctions With Cryptocurrency The U.S. Office of Foreign Assets Control has fined Bitgo for failing to pre
Elon Musk, Tesla, Spacex Facing $258 Billion Lawsuit for Promoting Dogecoin
Elon Musk, Tesla, Spacex Facing $258 Billion Lawsuit for Promoting Dogecoin Elon Musk, Tesla, and Spacex are being sued for $258 billion over claims that they “are engaged i
XRP Active Addresses Hit Highest Level Since April 2023 – Will Price Follow?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Binance Users in Turkey Can Now Deposit and Withdraw TRY via Akbank Integration
Binance Users in Turkey Can Now Deposit and Withdraw TRY via Akbank Integration The competition for the Turkish cryptocurrency market appears to be heating up as Binance is the l
Top 5 Crypto to Buy In January as Pro-Crypto US Treasury Secretary Joins Office
Este artículo también está disponible en español. The U.S. Senate accepted Donald Trump’s nomination of Scott Bessent, a pro-crypto billionaire hedge fund manager,
Derek Andersen5 hours agoSam Bankman-Fried sues insurance company for defense costs as trial opensSBF has directors and officers coverage through FTX Trading parent Paper Bird, but now that two companies have paid out $1