Binance and Coinbase Dominate 11% of Crypto Economy’s Net Worth, Leading in BTC and ETH Reserves

Statistical data indicates that Binance and Coinbase, major players in the cryptocurrency exchange sector, collectively hold 11.85% of the $1.68 trillion digital currency economy. Furthermore, these leading trading platforms command 7.83% of the total bitcoin supply, highlighting their substantial market influence.

Dominance of Binance and Coinbase in the Market

BITCOIN

Binance and Coinbase Dominate 11% of Crypto Economy’s Net Worth, Leading in BTC and ETH Reserves

Binance and Coinbase Lead Global Crypto Exchanges in Daily Trading Volumes and Reserves,Binance took the lead with significant trading activity amounting to $15.87 billion, while Coinbase, securing its position as the second-largest exchange over the weekend, recorded $2.91 billion in trades.

Data from Arkham Intelligence shows that these exchanges collectively hold cryptocurrencies valued at $199.14 billion, accounting for 11.85% of the total value of the cryptocurrency economy. Binance is at the forefront with $136.47 billion, while Coinbase manages around $62.67 billion in crypto value. The figures also indicate that Coinbase possesses 978,577 BTC, while Binance holds 666,922 BTC.

Together, these two platforms manage 1,645,499 BTC, valued at $70.49 billion based on current exchange rates, constituting 7.83% of BTC’s capped supply of 21 million. Presently, Coinbase and Binance oversee around 8.39% of the total circulating 19,597,705 BTC. In terms of Ethereum holdings, Binance possesses 4.47 million, while Coinbase has an even more substantial amount at 7.058 million ethers, according to data from Arkham.

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This implies that Coinbase and Binance collectively possess around 9.58% of the 120.18 million ether currently in circulation. According to Arkham, Binance’s most substantial crypto asset holding is the 164.54 million BNB, valued at $49.70 billion as of January 13, 2024. The exchange’s second-largest holding is BTC, and the third-largest is tether (USDT), with Binance having 25.39 billion USDT. Beyond ether, the fifth-largest asset by value is FDUSD, of which Binance controls 1.9 billion.

Regarding Coinbase, in addition to BTC and ETH, the third-largest asset by value on the San Francisco-based exchange is LINK, with ownership of 77.67 million LINK valued at $1.11 billion. The fourth-largest asset on Coinbase is USDC, with 575.63 million, and in fifth place is the company’s holding of 921,875 BNB worth $278 million. Other noteworthy reserves of coins on Coinbase include 930 million GRT, 11.91 million UNI, and 160 million ZRX. The prominence of Binance and Coinbase in the cryptocurrency sector underscores the dynamic nature of digital finance. Their significant holdings across various cryptocurrencies not only emphasize their market dominance but also indicate an industry where major players hold substantial sway. This concentration of crypto assets has the potential to shape the future direction of digital currency markets, influencing trends, the overall liquidity of bitcoin, and the broader financial ecosystem.

 

 

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