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Bitfinex closes week leading Bitcoin reserves according to Glassnode


CryptoSlate analysts examined the detailed proof-of-reserves of leading crypto exchanges outside of Coinbase and Binance. It revealed that Bitfinex holds the most significant Bitcoin (BTC) reserves, with $3.5 billion worth of BTC.

The data was obtained on Dec. 16 from OKX, KuCoin, Crypto.com, ByBit, Binance, BitMEX, and Bitfinex. OKX follows Bitfinex with the second largest BTC pool with more than $1.5 billion in BTC, while Binance comes as the third with just above $5 billion in BTC. BitMEX places fourth, with just over $1 billion in BTC. Crypto.com, ByBit, and KuCoin came as 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 in this analysis, Bitfinex emerged as the exchange that held significantly more BTC than the other six that released their proof-of-reserves.


According to the numbers, Bitfinex entered the weekend with $3.5 billion in BTC and around $2.37 billion in UNUS SED LEO (LEO). The exchange also holds just below $1 billion worth of Ethereum (ETH).

Proof of reserves - Bitfinex
Proof of reserves – Bitfinex

Besides BTC, LEO and ETH, the chart shows that Bitfinex holds eight more assets in millions each.

Data from Nov. 21 showed that 91% of Bitfinex’s reserves were made of BTC and ETH, which meant that Bitfinex held the most BTC. Even though its ETH reserves have shrunk, the exchange still holds the largest amount of BTC.

Another study at the end of November 2022 showed that Bitfinex held over $11 billion worth of Tether (USDT), equating to 60% of the whole USDT supply. However, the current data indicate that this amount retreated to millions within two weeks.


OKX is the only exchange included in this analysis that measures its BTC reserves in billions. The exchange’s BTC reserves amount to just above $1.5 billion.

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

In addition to the considerable amount of BTC, OKX also holds around $2.43 billion in USDT. Furthermore, the exchange has just below $1.5 billion worth of ETH.

According to OKX’s announcement, it is also backing all its users’ assets at 1:1 with real funds.


Binance places third in ranking with nearly $5.6 billion in BTC. The exchange also holds $5 billion in ETH.

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

Despite the size of its BTC pool, Binance holds $15 billion in Binance USD (BUSD), $6.25 million in USDT, and almost $2.5 billion in USDC.

On Dec. 15, Binance experienced a withdrawal crisis where its reserves shrank by $3.5 billion in 24 hours. Despite that, the exchange holds the largest overall reserves amongst all other exchanges included in this analysis.


BitMEX holds the fourth largest BTC reserves, with around $1.1 billion. The data doesn’t disclose any other asset type under BitMEX’s reserves.

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

The exchange also announced that it plans to lay off around 30% of its staff in early November.

Reserves in millions

Other exchanges included in this analysis measure their reserves in terms of millions. Amongst the remaining four, Crypto.com holds the most BTC.


Crypto.com entered the weekend with nearly $700 million worth of BTC and just above $600 million in ETH.

From Nov.21, 52% of Crypto.com’s reserves were made of BTC and ETH, which equated to 53,024 BTC and 391,564 ETH. Current data suggests that the exchange shrunk its BTC reserves while growing its ETH holdings.

Proof of reserves - Crypto.com
Proof of reserves – Crypto.com

Crypto.com also holds over $900 million worth of USD Coin (USDC) and around $500 million in SHIBA INU (SHIB).

The exchange released its proof of reserves on Dec. 6 and showed that all assets were fully backed by 1:1 on the exchange, with extra reserves to spare. However, the audit firm Mazars Group audited the proof of reserves, which revealed that it was preparing to drop its clients on Dec. 16.

ByBit and KuCoin

Based on the BTC reserves’ ranking, ByBit and KuCoin come fourth and fifth, respectively, with only slight differences in their reserves.

The numbers show that ByBit holds nearly $370 million in BTC and almost $200 million in ETH. In addition, the exchange also has over $700 million USDT and nearly $100 million USDC stablecoins.

Proof of reserves - ByBit
Proof of reserves – ByBit

ByBit recently announced that it would be updating its withdrawal limits based on verification levels and planning to lay off around 30% of its staff due to challenging market conditions.

KuCoin, on the other hand, holds a little less than $300 million in BTC and $200 million in ETH. The exchange has over $600 million in USDT and USDC stablecoins combined.

Proof of reserves - KuCoin
Proof of reserves – KuCoin

Following the FTX fallout, KuCoin was one of the first exchanges that disclosed its holdings. On Nov. 11, KuCoin’s CEO, Johnny Lyu, announced the exchange’s holdings via his Twitter account. In addition, the exchange released its proof-of-reserves on Dec. 5, which the Mazars Group audited.

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