Nearly 3 million Bitcoin (BTC), worth approximately $200 billion and representing 15% of the circulating supply, currently sits on centralized exchange platforms.
The concentration of assets on trading venues reveals that, despite the shock of the FTX collapse in 2022 and years of industry messaging around self-custody, about one out of every six BTC in existence remains stored with third-party intermediaries.
Binance Dominates
Data shared by crypto analyst Darkfost shows that centralized exchange reserves have climbed alongside the expansion of trading services.
Platforms now offer yield generation, collateralized derivative products, and lending solutions, all of which require maintaining significant Bitcoin reserves to meet user liquidity needs. The result is that approximately 3 million BTC now sits on exchanges, with the distribution heavily skewed toward market leaders.
According to the on-chain observer, Binance holds the largest share, controlling around 30% of all Bitcoin stor
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