GeckoTerminal, a notable entity in real-time decentralized exchange tracking on X, has recently shared an analysis of the top 10 centralized cryptocurrency exchanges, ranked by their total asset holdings. This study gives the public a deeper understanding of the major players in the digital currency arena.
10 centralized crypto exchanges (CEXes) with the largest holdings:
— GeckoTerminal (@GeckoTerminal) July 27, 2023
1. Binance ($65.3B)
2. OKX ($10.4B)
3. Bitfinex ($7.1B)
4. Huobi ($6.1B)
5. Kraken ($3.8B)
6. Bybit ($3.4B)
7. Kucoin ($2.2B)
8. Deribit ($1.9B)
9. Gate .io ($1.7B)
10. Crypto .com ($1.6B) pic.twitter.com/LTZEX6Idgc
Binance, the globally recognized leader in cryptocurrency exchanges, holds the premier position with a total asset value of $65.3 billion. Despite the recent retraction of its cryptocurrency custody license application in Germany, Binance maintains its stronghold in the market with a daily USD trading volume of $6.7 billion and a Bitcoin trading volume of $226,552.87.
Following Binance, OKX secures the second spot with $10.4 billion in total assets. OKX has recently made waves in the industry with its integration with DeFi Land, a multi-chain agriculture simulation game. This strategic alliance allows users to engage with the play-to-earn game via the OKX Wallet’s web extension and Discover Portal, a hub that hosts over 10,000 decentralized applications (dApps), DEXs, blockchain games, NFTs, and other tools.
Bitfinex, holding $7.1 billion in total assets, claims the third position. According to the exchange’s latest report, there has been a significant reduction in Bitcoin balances on centralized exchanges, reverting to levels last seen in early 2018. This trend suggests a transformation in how Bitcoin is being held and used, with just 11% of the circulating supply currently available on exchanges.
Completing the top five are Huobi and Kraken, boasting total assets of $6.1 billion and $3.8 billion, respectively. The top 10 exchanges – Bybit, Kucoin, Deribit, Gate.io, and Crypto.com – each possess total assets ranging from $1.6 billion to $3.4 billion.
GeckoTerminal’s analysis underscores the significant influence these exchanges wield in the global cryptocurrency market. As these platforms continue to innovate and evolve, they are reportedly poised to shape the future of digital finance in ways the space can only begin to imagine.
