CryptoSlate analysts examined the detailed proof-of-reserves of main crypto exchanges exterior of Coinbase and Binance. It revealed that Bitfinex holds essentially the most important Bitcoin (BTC) reserves, with $3.5 billion value of BTC.
The info was obtained on Dec. 16 from OKX, KuCoin, Crypto.com, ByBit, Binance, BitMEX, and Bitfinex. OKX follows Bitfinex with the second largest BTC pool with greater than $1.5 billion in BTC, whereas Binance comes because the third with simply above $5 billion in BTC. BitMEX locations fourth, with simply over $1 billion in BTC. Crypto.com, ByBit, and KuCoin got here because the fifth, sixth and seventh with $700 million, $370 million, and $300 million, respectively.
Reserves in billions
Bitfinex, OKX, Binance, and BitMEX calculate their reserves in billions. Amongst all exchanges included on this evaluation, Bitfinex emerged because the change that held considerably extra BTC than the opposite six that launched their proof-of-reserves.
In line with the numbers, Bitfinex entered the weekend with $3.5 billion in BTC and round $2.37 billion in UNUS SED LEO (LEO). The change additionally holds just under $1 billion value of Ethereum (ETH).
Apart from BTC, LEO and ETH, the chart reveals that Bitfinex holds eight extra belongings in thousands and thousands every.
Knowledge from Nov. 21 confirmed that 91% of Bitfinex’s reserves have been made from BTC and ETH, which meant that Bitfinex held essentially the most BTC. Though its ETH reserves have shrunk, the change nonetheless holds the most important quantity of BTC.
One other research on the finish of November 2022 confirmed that Bitfinex held over $11 billion value of Tether (USDT), equating to 60% of the entire USDT provide. Nonetheless, the present information point out that this quantity retreated to thousands and thousands inside two weeks.
OKX is the one change included on this evaluation that measures its BTC reserves in billions. The change’s BTC reserves quantity to only above $1.5 billion.
Along with the appreciable quantity of BTC, OKX additionally holds round $2.43 billion in USDT. Moreover, the change has just under $1.5 billion value of ETH.
In line with OKX’s announcement, it is usually backing all its customers’ belongings at 1:1 with actual funds.
Binance locations third in rating with almost $5.6 billion in BTC. The change additionally holds $5 billion in ETH.
Regardless of the scale of its BTC pool, Binance holds $15 billion in Binance USD (BUSD), $6.25 million in USDT, and virtually $2.5 billion in USDC.
On Dec. 15, Binance skilled a withdrawal disaster the place its reserves shrank by $3.5 billion in 24 hours. Regardless of that, the change holds the most important general reserves amongst all different exchanges included on this evaluation.
BitMEX holds the fourth largest BTC reserves, with round $1.1 billion. The info doesn’t disclose every other asset sort beneath BitMEX’s reserves.
The change additionally introduced that it plans to put off round 30% of its workers in early November.
Reserves in thousands and thousands
Different exchanges included on this evaluation measure their reserves when it comes to thousands and thousands. Amongst the remaining 4, Crypto.com holds essentially the most BTC.
Crypto.com entered the weekend with almost $700 million value of BTC and simply above $600 million in ETH.
From Nov.21, 52% of Crypto.com’s reserves have been made from BTC and ETH, which equated to 53,024 BTC and 391,564 ETH. Present information means that the change shrunk its BTC reserves whereas rising its ETH holdings.
Crypto.com additionally holds over $900 million value of USD Coin (USDC) and round $500 million in SHIBA INU (SHIB).
The change launched its proof of reserves on Dec. 6 and confirmed that each one belongings have been absolutely backed by 1:1 on the change, with further reserves to spare. Nonetheless, the audit agency Mazars Group audited the proof of reserves, which revealed that it was getting ready to drop its purchasers on Dec. 16.
ByBit and KuCoin
Primarily based on the BTC reserves’ rating, ByBit and KuCoin come fourth and fifth, respectively, with solely slight variations of their reserves.
The numbers present that ByBit holds almost $370 million in BTC and virtually $200 million in ETH. As well as, the change additionally has over $700 million USDT and almost $100 million USDC stablecoins.
ByBit just lately introduced that it could be updating its withdrawal limits based mostly on verification ranges and planning to put off round 30% of its workers as a consequence of difficult market situations.
KuCoin, however, holds rather less than $300 million in BTC and $200 million in ETH. The change has over $600 million in USDT and USDC stablecoins mixed.
Following the FTX fallout, KuCoin was one of many first exchanges that disclosed its holdings. On Nov. 11, KuCoin’s CEO, Johnny Lyu, introduced the change’s holdings by way of his Twitter account. As well as, the change launched its proof-of-reserves on Dec. 5, which the Mazars Group audited.