13 exchanges account for 7% of crypto economy – Report
Thirteen cryptocurrency exchange platforms hold $165.25bn worth of Bitcoin, Ethereum, and Tether, a report by Bitcoin.com has shown.
According to the report, these platforms have more than $1bn each in digital currencies held in reserves, and hold about seven per cent of the global crypto economy.
When the report was released on Sunday, the crypto economy was worth $2.3tn. According to it, the 13 exchanges include Coinbase, Binance, Huobi Global, Kraken, Okex, Gemini, Bitfinex, Bittrex, Bitflyer, Coincheck, Bitstamp, and Bybit.
The report said, “Coinbase is the leader, in terms of crypto reserves held on Sunday, with $56.2bn in crypto assets under management. $40.27bn of Coinbase’s reserves is made up of BTC, with 853,530 BTC in custody.
“The second-largest exchange in terms of crypto AUM is Binance with $24.85bn today. Binance has 370,390 BTC, 3.59 ETH, and 1.24bn USDT under custody. All 13 exchanges hold approximately 165.25 billion in crypto assets on January 2, 2022, which equates to 6.98 per cent of the $2.3tn crypto economy.
“Bybit maintains the 13th position, in terms of crypto reserves, and holds $1.44bn in digital assets. Approximately ten crypto-asset exchanges command more than $50 million in crypto AUM. 23 exchanges hold a million dollars or more in crypto AUM and dozens of crypto exchanges have no available reserve data.”
According to the report, only Grayscale Investment’s Bitcoin Trust has more BTC in its reserve than Coinbase, with 648,069 BTC in its custody. The Bitcoin Trust also has 3.086 per cent of the 21 million capped bitcoin supply.
“Another entity that has more than 100K in BTC assets is Block.one with 140,000 BTC under management, while the publicly-listed company Microstrategy holds 124,391 BTC today. Grayscale, Block.one, and Microstrategy are the only non-exchange entities with 100K BTC or more,’ it added.
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