- Binance now leads in the number of Bitcoin reserves.
- The behemoth exchange has eclipsed Coinbase Pro to grab the top rank.
- CZ’s every action will be extremely important in helping the market rebuild confidence in itself.
Binance has eclipsed Coinbase Pro to grab the top rank in terms of Bitcoin reserves on the exchange. This comes following a report by Cryptoquant’s BinhDang. This symbolizes unwavering strength during this violent time.
This comes after the majority of other exchanges’ reserves declined for the first time, however little or less. This is apparently due to the “Bank Run” situation that developed following Sam Bankman-Fried`s catastrophe.
To put it briefly, Binance, the current market leader in cryptocurrency exchanges, has reported Bitcoin reserves of up to 584,083. Notably, this is the largest reserve ever recorded. At the time of writing, Coinbase has 533,048 Bitcoins available on the exchange. Third, the Hong Kong-based company Bitfinex, which is run by iFinex Inc., has 345,534 Bitcoin reserves in total on its exchange platform.
With 158,918 and 71,426 Bitcoin reserves, respectively, the struggling Gemini and Kraken are in fourth and fifth place.
Another update shows that as of November 10th, Binance possessed 58 million BNB. It also holds 17.6 billion USDT, 601 million USDC, 4.8 million Ether, 601 million USDC, and 475,000 BTC. Additionally, it now possesses about 21.7 billion BUSD, its own stablecoin.
As of Thursday, Binance’s entire holdings are estimated to be worth $69 billion. The rise in Bitcoin reserves from the time the proof of reserves was published till the authoring of this article is a blatant sign that Binance is finding more applications.
In order to get through this phase, CZ’s every action will be extremely important. This is in terms of helping the market rebuild confidence in itself, and vice versa. But if he makes any mistake, it will be a massive Red disaster for this market as a whole.
