Binance’s Bitcoin Reserve Stash Approaches 600,000, Company’s BTC Cache Now Largest Held By An Exchange – Bitcoin News

Although there has been much talk about proof-of-reserves, self-storage, and more than $5 billion in bitcoin and ethereum leaving exchanges between Nov. 7 and Nov. 14, 2022, Binance’s bitcoin inventory has grown significantly since Nov. 12. In fact, calculations by cryptoquant.com indicate that Binance’s bitcoin reserves reached an all-time high on November 19, 2022, as the trading platform holds approximately 582,054 bitcoins worth $9.62 billion using bitcoin exchange rates on November 20, 2022.

Binance has close to 600,000 Bitcoin today or about 2.77% of the 21 million limited supply

The centralized exchange (cex) Binance is the largest cryptocurrency exchange by trading volume, and the trading platform has a number of digital assets. There has been a lot of discussion about proof-of-reserves lately, and exchanges have been sharing crypto addresses to prove they have specific assets.

After the FTX collapse, Binance CEO Changpeng Zhao (CZ) told the public that “Binance will soon start doing proof-of-reserves.” 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 coming weeks.”

Research firm Nansen also published a dashboard that includes digital currency reserves from Deribit, Crypto.com, Okx, Kucoin and Binance. A snapshot from archive.org indicates that Binance’s reserve status as of November 11, 2022 was $26.71 billion. Nine days later, Nansen’s Binance reserves dashboard indicates that the firm now has $65.69 billion worth of crypto assets.

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

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

Coinglass.com’s bitcoin exchange balance data shows that Binance has 572,332.34 as of November 20, 2022. Coinglass.com’s calculations indicate that 127,224.90 were added to Binance’s bitcoin cache in the past seven days.

Binance’s exchange balance statistics sourced from both cryptoquant.com and coinglass.com indicate that the exchange currently holds more BTC than Coinbase. Cryptoquant.com metrics show that Coinbase Pro held 533,946 BTC on Nov 19, 2022. Coinglass.com bitcoin exchange balance data shows Coinbase Pro held 529,544.83 BTC on Sunday, Nov 20, 2022.

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

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.