Few Billion Dollar Cryptocurrency Exchanges Control $151 Billion in Net Value
According to data, 13 different cryptocurrency exchanges manage a combined amount of $151.08 billion, with Binance, the most popular cryptocurrency exchange by volume worldwide, holding $64.68 billion in reserves, according to the blockchain explorer of Arkham Intelligence.
21.02 billion tether (USDT) and 671,981 BTC, totaling $38.7 billion, are held by Binance. On September 27, Binance also had assets of $3.21 billion in BNB and $6.55 billion in ETH.
Of the $151 billion in value held by these 13 exchanges together, 42.81% of it is represented by Binance's holdings. As of September 27, 2023, according to Arkham's data, Coinbase controlled over $28.91 billion.
Significant 946,618 bitcoin (BTC) worth $24.88 billion are held by the exchange. ETH holdings at Coinbase are valued at an additional $2.69 billion, while the San Francisco-based trading site also has $530 million worth of LINK.
Tether (USDT) accounts for $5 billion of the $14.37 billion that the digital currency exchange Okx controls. Additionally, Okx has $1.64 billion in ETH, $3.52 billion in BTC, and $3.16 billion in OKB.
On September 27, Bitfinex has 225,231 BTC worth $5.92 billion and $11.70 billion in AUM. The exchange also has $3.22 billion in more ether on hand. Bitcoin (BTC) accounts for $3.19 billion of Robinhood's total $6.27 billion holdings.
The ETH assets in Robinhood's cache total about $2.74 billion. Additionally, Robinhood commands $35.70 million in LINK and $251.55 million in SHIB. The trading platforms possess a total of $125.93 billion of the $151 billion total among the five exchanges stated above.
The top five out of 13 had a combined reserve of 83.39%. Kraken has a stash of $5.96 billion, Bybit has a sizeable $4.51 billion, Crypto.com is guarding $3.61 billion, Gemini has $3.11 billion in its coffers, HTX, formerly known as Huobi, has $2.89 billion, Kucoin has a sizeable $1.89 billion, Deribit has $1.79 billion, and Upbit has $1.32 billion in its possession.
16.61% of the $151 billion pie held by this elite group of exchanges is controlled by the last eight exchanges.
What do you think of the 13 cryptocurrency exchanges that control more than 14% of the total value of the crypto economy? Post your ideas and viewpoints on this topic in the comments area below.