Binance overtakes Coinbase to become the exchange with the largest Bitcoin reserve

Article Reading Time:
2 minutes.

The Coinbase exchange has long held the lead in Bitcoin reserves. However, the shock that the cryptocurrency market suffered after the collapse of FTX allowed Binance to take a leading position.

Market analysts noted that the growth in reservesBinance took place against the backdrop of a fall in the BTC SOPR index. During the period under review, the Spend Output Profit Ratio (SOPR) - an index that measures the ratio of profits and losses according to the change between the purchase and sale price of a crypto asset - fell early last week to 0.87. The SOPR index below 1 demonstrates that BTC sales are predominantly unprofitable.

According to CryptoQuant, almost all investorsThose who bought their first cryptocurrency after December 2020 suffer losses. If the current situation continues, this category of holders will not be able to return to the break-even zone. According to IntoTheBlock experts, the share of unprofitable Bitcoin wallets increased to 48% at the end of October. Considering the current price at $15,975, no more than 40% of BTC holders who bought the cryptocurrency for less than $15,000 remain in profit. Over the past month, Bitcoin has lost 16% in price.

However, the Binance exchange received 140000 BTC. This increased bitcoin reserves on the Binance exchange to 586,488, against 533,048 BTC on the Coinbase balance sheet, which became a new all-time high. The leaders are followed by the exchanges Bitfinex, Gemini and Kraken, which took third, fourth and fifth places in the list, respectively.

Analytics company Glassnode reported thatOver the past two weeks, the withdrawal of bitcoins from cryptocurrency exchanges reached a historical maximum and amounted to more than 100,000 BTC. Glassnode experts claim that the market has encountered a similar BTC outflow only three times - in November 2020, April 2022, and June/July 2022.