One in Six BTC on Centralized Exchanges Despite FTX Collapse

Binance controls nearly a third of exchange-held supply, underscoring how liquidity power is concentrating among a few venues.

Nearly 3 million Bitcoin (BTC), worth approximately $200 billion and representing 15% of the circulating supply, currently sits on centralized exchange platforms.

The concentration of assets on trading venues reveals that, despite the shock of the FTX collapse in 2022 and years of industry messaging around self-custody, about one out of every six BTC in existence remains stored with third-party intermediaries.

Binance Dominates

Data shared by crypto analyst Darkfost shows that centralized exchange reserves have climbed alongside the expansion of trading services.

Platforms now offer yield generation, collateralized derivative products, and lending solutions, all of which require maintaining significant Bitcoin reserves to meet user liquidity needs. The result is that approximately 3 million BTC now sits on exchanges, with the distribution heavily skewed toward market leaders.

According to the on-chain observer, Binance holds the largest share, controlling around 30% of all Bitcoin stored on centralized platforms. Bitfinex follows with almost 20% of reserves, while Robinhood and South Korea’s Upbit each account for about 8.2%. Kraken, OKX, and Gemini round out the top tier with holdings between 5% and 7%, respectively.

The concentration becomes even more pronounced when examining absolute figures. Per data from CoinGlass, Coinbase Pro currently holds approximately 792,000 BTC, making it the single largest exchange holder despite its smaller percentage of the CEX-specific ranking. Binance follows with nearly 662,000 BTC, while Bitfinex holds roughly 430,000 BTC.

“The liquidity depth, fast order execution, and access to additional services such as lending and staking contribute to maintaining a significant share of Bitcoin’s circulating supply within these centralized infrastructures,” Darkfost noted in their analysis.

This observation matches up with trading volume data showing continued activity concentration, with a CryptoQuant report from earlier in the year showing that Binance captured over 40% of spot and Bitcoin perpetual volumes across major global exchanges in 2025. The platform also processed $25.4 trillion in Bitcoin perpetual futures alone.

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Market Structure Shifts Despite Persistent Exchange Holdings

The $200 billion held on exchanges represents a complex market dynamic because, while total exchange reserves are substantial, the past month has seen mixed movements across platforms.

CoinGlass data shows overall exchange balances increased by some 16,990 BTC over the past 30 days, but individual platform trends diverged significantly. For example, Binance added more than 22,000 BTC during that period, while OKX and Bithumb recorded outflows exceeding 2,700 BTC and 3,600 BTC, respectively. Gemini saw the largest 30-day decline, with balances dropping by almost 13,900 BTC.

These movements are happening against a backdrop of evolving exchange business models and regulatory positioning. Kraken confidentially filed for an IPO with the U.S. Securities and Exchange Commission (SEC) in November 2025, following an $800 million funding round that valued the exchange at $20 billion.

Meanwhile, Robinhood, which holds approximately 8.2% of exchange BTC reserves, recently launched the public testnet for Robinhood Chain in February 2026, an Ethereum Layer 2 network built on Arbitrum designed to accelerate development of tokenized assets.