CryptoSlate analysts examined the detailed proof-of-reserves of main crypto exchanges exterior of Coinbase and Binance. It revealed that Bitfinex holds probably the most important Bitcoin (BTC) reserves, with $3.5 billion price of BTC.

The information was obtained on Dec. 16 from OKX, KuCoin,, ByBit, Binance, BitMEX, and Bitfinex. OKX follows Bitfinex with the second largest BTC pool with greater than $1.5 billion in BTC, whereas Binance comes because the third with simply above $5 billion in BTC. BitMEX locations fourth, with simply over $1 billion in BTC., ByBit, and KuCoin got here because the fifth, sixth and seventh with $700 million, $370 million, and $300 million, respectively.

Reserves in billions

Bitfinex, OKX, Binance, and BitMEX calculate their reserves in billions. Amongst all exchanges included on this evaluation, Bitfinex emerged because the trade that held considerably extra BTC than the opposite six that launched their proof-of-reserves.


In response to the numbers, Bitfinex entered the weekend with $3.5 billion in BTC and round $2.37 billion in UNUS SED LEO (LEO). The trade additionally holds slightly below $1 billion price of Ethereum (ETH).

Proof of reserves - Bitfinex
Proof of reserves – Bitfinex

Moreover BTC, LEO and ETH, the chart reveals that Bitfinex holds eight extra belongings in hundreds of thousands every.

Information from Nov. 21 showed that 91% of Bitfinex’s reserves had been made from BTC and ETH, which meant that Bitfinex held probably the most BTC. Regardless that its ETH reserves have shrunk, the trade nonetheless holds the most important quantity of BTC.

One other examine on the finish of November 2022 confirmed that Bitfinex held over $11 billion price of Tether (USDT), equating to 60% of the entire USDT provide. Nonetheless, the present knowledge point out that this quantity retreated to hundreds of thousands inside two weeks.


OKX is the one trade included on this evaluation that measures its BTC reserves in billions. The trade’s BTC reserves quantity to only above $1.5 billion.

Proof of reserves - OKX
Proof of reserves – OKX / Supply: Glassnode

Along with the appreciable quantity of BTC, OKX additionally holds round $2.43 billion in USDT. Moreover, the trade has slightly below $1.5 billion price of ETH.

In response to OKX’s announcement, additionally it is backing all its customers’ belongings at 1:1 with actual funds.


Binance locations third in rating with almost $5.6 billion in BTC. The trade additionally holds $5 billion in ETH.

Proof of reserves - Binance
Proof of reserves – Binance / Supply: Glassnode

Regardless of the scale of its BTC pool, Binance holds $15 billion in Binance USD (BUSD), $6.25 million in USDT, and virtually $2.5 billion in USDC.

On Dec. 15, Binance experienced a withdrawal disaster the place its reserves shrank by $3.5 billion in 24 hours. Regardless of that, the trade holds the most important general reserves amongst all different exchanges included on this evaluation.


BitMEX holds the fourth largest BTC reserves, with round $1.1 billion. The information doesn’t disclose every other asset sort below BitMEX’s reserves.

Proof of reserves - BitMEX
Proof of reserves – BitMEX / Supply: Glassnode

The trade additionally announced that it plans to put off round 30% of its employees in early November.

Reserves in hundreds of thousands

Different exchanges included on this evaluation measure their reserves by way of hundreds of thousands. Amongst the remaining 4, holds probably the most BTC. entered the weekend with almost $700 million price of BTC and simply above $600 million in ETH.

From Nov.21, 52% of’s reserves had been made from BTC and ETH, which equated to 53,024 BTC and 391,564 ETH. Present knowledge means that the trade shrunk its BTC reserves whereas rising its ETH holdings.

Proof of reserves -
Proof of reserves – additionally holds over $900 million price of USD Coin (USDC) and round $500 million in SHIBA INU (SHIB).

The trade released its proof of reserves on Dec. 6 and confirmed that every one belongings had been totally backed by 1:1 on the trade, with additional reserves to spare. Nonetheless, the audit agency Mazars Group audited the proof of reserves, which revealed that it was making ready to drop its shoppers on Dec. 16.

ByBit and KuCoin

Primarily based on the BTC reserves’ rating, ByBit and KuCoin come fourth and fifth, respectively, with solely slight variations of their reserves.

The numbers present that ByBit holds almost $370 million in BTC and virtually $200 million in ETH. As well as, the trade additionally has over $700 million USDT and almost $100 million USDC stablecoins.

Proof of reserves - ByBit
Proof of reserves – ByBit

ByBit just lately announced that it might be updating its withdrawal limits primarily based on verification ranges and planning to put off round 30% of its employees resulting from difficult market situations.

KuCoin, however, holds rather less than $300 million in BTC and $200 million in ETH. The trade has over $600 million in USDT and USDC stablecoins mixed.

Proof of reserves - KuCoin
Proof of reserves – KuCoin

Following the FTX fallout, KuCoin was one of many first exchanges that disclosed its holdings. On Nov. 11, KuCoin’s CEO, Johnny Lyu, announced the trade’s holdings by way of his Twitter account. As well as, the trade released its proof-of-reserves on Dec. 5, which the Mazars Group audited.

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