Bitfinex Closes Bitcoin Major Reserves Week According to Glassnode

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CryptoSlate analysts reviewed detailed reserve evidence from major crypto exchanges outside of Coinbase and Binance. He revealed that Bitfinex holds the largest Bitcoin (BTC) reserves, with $3.5 billion worth of BTC.

The data was obtained on December 16 from OKX, KuCoin, Crypto.com, ByBit, Binance, BitMEX and Bitfinex. OKX follows Bitfinex with the second largest BTC pool with over $1.5 billion in BTC, while Binance comes third with just over $5 billion in BTC. BitMEX ranks fourth, with just over $1 billion in BTC. Crypto.com, ByBit and KuCoin came in 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. Of all the exchanges included in this analysis, Bitfinex emerged as the exchange that held significantly more BTC than the other six that released their proof of reserves.

BitfinexComment

According to the numbers, Bitfinex entered the weekend with $3.5 billion in BTC and around $2.37 billion in UNUS SED LEO (LEO). The exchange also holds just under $1 billion worth of Ethereum (ETH).

Proof of reserves – Bitfinex

Along with BTC, LEO, and ETH, the chart shows that Bitfinex holds eight other assets worth millions each.

Data from Nov. 21 showed that 91% of Bitfinex’s reserves were made up of BTC and ETH, meaning Bitfinex held the most BTC. Even though its ETH reserves have dwindled, the exchange still holds the largest amount of BTC.

Another study in late November 2022 showed that Bitfinex held over $11 billion worth of Tether (USDT), or 60% of all USDT supply. However, current data indicates that this amount has returned to millions in two weeks.

OKAY

OKX is the only exchange included in this analysis that measures its BTC reserves in billions. The exchange’s BTC reserves stand at just over $1.5 billion.

Proof of reserves – OKX / Source: Glassnode

In addition to the huge amount of BTC, OKX also holds around $2.43 billion in USDT. Additionally, the exchange has just under $1.5 billion worth of ETH.

According to OKX’s announcement, it also backs all assets of its users at 1:1 with real funds.

Binance

Binance ranks third in the ranking with nearly $5.6 billion in BTC. The exchange also holds $5 billion in ETH.

Proof of reserves – Binance / Source: Glassnode

Despite the size of its BTC pool, Binance holds $15 billion in Binance USD (BUSD), $6.25 million in USDT, and nearly $2.5 billion in USDC.

On December 15, Binance experienced a withdrawal crisis where its reserves decreased by $3.5 billion in 24 hours. Despite this, the exchange holds the largest aggregate reserves among all other exchanges included in this analysis.

BitMEX

BitMEX holds the fourth largest reserve of BTC, at around $1.1 billion. The data does not disclose any other type of asset in BitMEX’s reserves.

Proof of reserves – BitMEX / Source: Glassnode

The exchange also announced that it plans to lay off around 30% of its staff in early November.

Reserves in millions

Other exchanges included in this analysis measure their reserves in terms of millions. Of the other four, Crypto.com holds the most BTC.

Crypto.com

Crypto.com entered the weekend with nearly $700 million in BTC and just over $600 million in ETH.

As of Nov. 21, 52% of Crypto.com’s reserves were made up of BTC and ETH, which equaled 53,024 BTC and 391,564 ETH. Current data suggests that the exchange has reduced its reserves of BTC while increasing its holdings of ETH.

Proof of Reserves – Crypto.com

Crypto.com also holds over $900 million in USD Coin (USDC) and approximately $500 million in SHIBA INU (SHIB).

The exchange released its proof of reserves on December 6 and showed that all assets were fully collateralized by 1:1 on the exchange, with additional reserves to spare. However, auditing firm Mazars Group audited the proof of reserves, which revealed that it was set to drop its clients on December 16.

ByBit and KuCoin

Based on the BTC reserve ranking, ByBit and KuCoin come fourth and fifth respectively, with only slight differences in their reserves.

The figures show that ByBit holds nearly $370 million in BTC and nearly $200 million in ETH. Additionally, the exchange also has over $700 million USDT and nearly $100 million worth of USDC stablecoins.

Proof of reserves – ByBit

ByBit recently announced that it will update its withdrawal limits based on verification levels and plans to lay off around 30% of its staff due to tough market conditions.

KuCoin, on the other hand, holds just under $300 million in BTC and $200 million in ETH. The exchange has over $600 million in USDT and USDC stablecoins combined.

Proof of reserves – KuCoin

Following the FTX fallout, KuCoin was one of the first exchanges to disclose its holdings. On November 11, KuCoin CEO Johnny Lyu announced the exchange’s holdings via his Twitter account. In addition, the exchange released its proof of reserves on December 5, which Mazars Group audited.

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