The past couple of weeks has undoubtedly stirred the pot when it comes to cryptocurrencies stored on centralized exchanges.
Crypto Potato recently reported that upwards of $8 billion worth of crypto was withdrawn from centralized exchanges following the FTX collapse. Now, data shows that Binance has the largest reserve of BTC for the first time.
- Data from the popular analytics resource CryptoQuant reveals that Binance has become the exchange with the largest BTC reserves for the first time.
While most of the reserves of other exchanges decreased, not much or less, for the first time, Binance has surpassed Coinbase Pro to take the top spot in terms of Bitcoin reserves on the exchange, marking absolute strenght during this bloody period. – Said an analyst.
- The analyst also concluded that “every move of CZ will play the most crucial role in regaining confidence in this market, and vice versa; if he makes any mistake, it will be a colossal red cataclysm for this entire market.”
- At the time of this writing, Binance has the largest reserves of BTC, followed by Coinbase Pro, Bitfinex, Gemini, and Kraken.