Bitfinex closes week leading Bitcoin reserves according to Glassnode Bitfinex closes week leading Bitcoin reserves according to Glassnode
According to numbers from Dec. 16, Bitfinex holds $3.5 billion in BTC while OKX follows with the second largest BTC reserve with $1.5 billion.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
CryptoSlate analysts examined the detailed proof-of-reserves of leading crypto exchanges outside of Coinbase and Binance. It revealed that Bitfinex holds the most significant Bitcoin (BTC) reserves, with $3.5 billion worth of BTC.
The data 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 more than $1.5 billion in BTC, while Binance comes as the third with just above $5 billion in BTC. BitMEX places fourth, with just over $1 billion in BTC. Crypto.com, ByBit, and KuCoin came as 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 in this analysis, Bitfinex emerged as the exchange that held significantly more BTC than the other six that released their proof-of-reserves.
Bitfinex
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 below $1 billion worth of Ethereum (ETH).
Besides BTC, LEO and ETH, the chart shows that Bitfinex holds eight more assets in millions each.
Data from Nov. 21 showed that 91% of Bitfinex’s reserves were made of BTC and ETH, which meant that Bitfinex held the most BTC. Even though its ETH reserves have shrunk, the exchange still holds the largest amount of BTC.
Another study at the end of November 2022 showed that Bitfinex held over $11 billion worth of Tether (USDT), equating to 60% of the whole USDT supply. However, the current data indicate that this amount retreated to millions within two weeks.
OKX
OKX is the only exchange included in this analysis that measures its BTC reserves in billions. The exchange’s BTC reserves amount to just above $1.5 billion.
In addition to the considerable amount of BTC, OKX also holds around $2.43 billion in USDT. Furthermore, the exchange has just below $1.5 billion worth of ETH.
According to OKX’s announcement, it is also backing all its users’ assets at 1:1 with real funds.
Binance
Binance places third in ranking with nearly $5.6 billion in BTC. The exchange also holds $5 billion in ETH.
Despite the size of its BTC pool, Binance holds $15 billion in Binance USD (BUSD), $6.25 million in USDT, and almost $2.5 billion in USDC.
On Dec. 15, Binance experienced a withdrawal crisis where its reserves shrank by $3.5 billion in 24 hours. Despite that, the exchange holds the largest overall reserves amongst all other exchanges included in this analysis.
BitMEX
BitMEX holds the fourth largest BTC reserves, with around $1.1 billion. The data doesn’t disclose any other asset type under BitMEX’s reserves.
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. Amongst the remaining four, Crypto.com holds the most BTC.
Crypto.com
Crypto.com entered the weekend with nearly $700 million worth of BTC and just above $600 million in ETH.
From Nov.21, 52% of Crypto.com’s reserves were made of BTC and ETH, which equated to 53,024 BTC and 391,564 ETH. Current data suggests that the exchange shrunk its BTC reserves while growing its ETH holdings.
Crypto.com also holds over $900 million worth of USD Coin (USDC) and around $500 million in SHIBA INU (SHIB).
The exchange released its proof of reserves on Dec. 6 and showed that all assets were fully backed by 1:1 on the exchange, with extra reserves to spare. However, the audit firm Mazars Group audited the proof of reserves, which revealed that it was preparing to drop its clients on Dec. 16.
ByBit and KuCoin
Based on the BTC reserves’ ranking, ByBit and KuCoin come fourth and fifth, respectively, with only slight differences in their reserves.
The numbers show that ByBit holds nearly $370 million in BTC and almost $200 million in ETH. In addition, the exchange also has over $700 million USDT and nearly $100 million USDC stablecoins.
ByBit recently announced that it would be updating its withdrawal limits based on verification levels and planning to lay off around 30% of its staff due to challenging market conditions.
KuCoin, on the other hand, holds a little less than $300 million in BTC and $200 million in ETH. The exchange has over $600 million in USDT and USDC stablecoins combined.
Following the FTX fallout, KuCoin was one of the first exchanges that disclosed its holdings. On Nov. 11, KuCoin’s CEO, Johnny Lyu, announced the exchange’s holdings via his Twitter account. In addition, the exchange released its proof-of-reserves on Dec. 5, which the Mazars Group audited.
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Mentioned in this article
Bitcoin 
UNUS SED LEO 
Ethereum 
Tether 
USD Coin 
SHIBA INU 
Lido Staked ETH 
OKX 
KuCoin 
Crypto.com 
Bybit 
Bitfinex 
FTX 
Binance 
BitMEX 
Johnny Lyu Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
UNUS SED LEO
$9.47590
UNUS SED LEO (LEO) is a cryptocurrency token and operates on the Ethereum platform.
Ethereum
$3,463.45
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Tether
$0.99955
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$0.99997
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
SHIBA INU
$0.00002
Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
Lido Staked ETH
$3,603.48
stETH is a token that represents staked ether in Lido, combining the value of initial deposit + staking rewards.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
KuCoin
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies that launched in September 2017.
Crypto.com
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity.
Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
BitMEX
HDR Global Trading Limited owns and operates BitMEX which is a trading platform that offers investors access to the global financial markets using only Bitcoin.
Johnny Lyu is the CEO and one of the co-founders of KuCoin, one of the largest cryptocurrency exchanges launched in 2017.