Binance increases BTC reserves by $11,3 billion in three years

In this, Coinbase reduced its bitcoin holdings by ~$15 billion over the same period

05.06.2023 - 09:25

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What’s new? Experts at analytics platform Glassnode analyzed the bitcoin holdings of the three largest crypto exchanges over the past three years, noting significant growth on Binance and Bitfinex. Thus, the former increased its assets by 421 000 BTC (~$11,29 billion) to 703 000 coins (~$18,8 billion), while the latter increased by 250 000 (~$6,7 billion) to 320 000 bitcoins (~$8,6 billion). Meanwhile, Coinbase reduced its reserves by 558 000 BTC (~$15 billion) over the same period. The platform now holds 462 000 bitcoins (~$12,4 billion) in reserves.

When assessing the total amount of #Bitcoin held on the Top 3 Exchanges across the past 3 years, we note large growth across Binance and Bitfinex with an increase of +421K and +250K BTC respectively, whilst Coinbase has declined by -558K BTC.🟡 Binance: 703K BTC (+421K BTC)🔵… pic.twitter.com/WD6J7Qh86P — glassnode (@glassnode) June 4, 2023

What else is known? Glassnode analysts reported that on May 13, the number of bitcoin addresses holding 1 BTC or more crossed the 1 million mark for the first time ever. Since early February 2022, the number of such addresses has increased by about 190 000.

Since May, Tether, the issuer of the USDT stablecoin, began regularly allocating up to 15% of its realized net operating profits to the purchase of BTC. The firm is known to hold $1,5 billion in bitcoins at the end of March.

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