28 February, 2024

Binance’s Dominance Remains Unshaken; Nansen Reveals Top Crypto Exchange’s Eth and Stablecoin Holdings.

1 year ago

22 Nov, 2023

According to a report from blockchain analytics platform Nansen’s top crypto Exchange’s ETH and stablecoin holdings data reveal that the largest crypto exchange, Binance, had a positive NetFlow of +$306M in the past week, while FTX had a negative NetFlow of -$1.1B. 

According to the report, top exchanges hold 86% of 22.5M ETH, with Binance at the top, holding 5.32M ETH, Coinbase holding 2.75M ETH, and Bitfinex holding 2.75M ETH. Kraken, Gemini, Upbit, OKX, Cryptocom, and Huobi are also among the top Ethereum exchanges.

The FTX exchange crisis fallout has left the cryptocurrency market in a state of shock, with most assets attempting to stem the widespread losses. 

According to Nansen, following last week’s FTX acquisition drama, FTX experienced a negative NetFlow of -$1.1B, while Binance experienced a positive NetFlow of +$306M. Binance has withdrawn from a deal to acquire rival digital currency company FTX less than 24 hours after announcing the tentative agreement, casting doubt on the future of FTX, one of the most prominent crypto exchanges.

Amid the chaos, Ethereum (ETH) has made significant gains as investors await the next price movement.

According to CoinMarketCap, Ethereum, the second-most valuable cryptocurrency, recovered most of its losses on Friday, rising over 7% in the previous 24 hours to $1,270.

According to the Nansen report, the top holders of ERC20 Stablecoins are Binance ($26.6B in BUSD), OKX, KuCoin, Huobi, Kraken, Gemini, and FTX.

On November 10, Binance published a list of its cold wallets and reserves, revealing that the crypto exchange holds approximately 475,000 bitcoin (US$7.8 billion), 4.8 million ether ($5.57 billion), 17.6 billion USDT, 601 million USDC, as well as nearly 21.7 billion of its own stablecoin BUSD and 58 million BNB tokens.



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