The crypto exchange increased its BTC reserve and became the leader in the number of BTC in the reserve, Blockware Solution analyst Will Clemente said. An expert has published a Glassnode chart that compares and contrasts the change in Bitcoin balances on the Binance and Coinbase exchanges.
Clemente noted that this year, Binance and Coinbase switched places in terms of the number of BTC in reserve — Binance overtook its competitor, which until recently confidently held the lead. In three years, Binance’s reserve grew from 200,000 to 600,000 BTC, while Coinbase’s reserves dropped from one million to 500,000 BTC.
A Coinbase representative disputed Glassnode ‘s findings, saying the data may be inaccurate. According to him, the vast majority of exchange reserves are not only in “hot” wallets, but also in “cold” storages. Such data probably did not make it into the graph — so there is reason to believe that these results could change, he claims.
Other Twitter users claim that Binance’s reserve growth may be due to the reliability and status of the crypto exchange — Binance has achieved full approval from regulators in Dubai , Bahrain , France , Italy , and Spain this year .
Among the reasons are the convenience and conditions provided by Binance, in particular, the ability to trade spot pairs with BTC without a commission, which the crypto exchange provided in early July.
The growth was also influenced by Binance’s work to attract new users. The exchange has signed several high-profile partnership agreements, including the release of a branded NFT collection together with the legendary Cristiano Ronaldo, as well as the development of crypto education together with the famous Italian-Senegalese tiktoker Khaby Lame. Both partners have significant influence in social networks: 468 million followers follow Ronaldo’s Instagram; 146 million followers watch Khaby’s videos on TikTok.