Binance Discloses Its Bitcoin Holding Amid Market Crash

Binance, the world’s largest cryptocurrency exchange has revealed the details of its hot and cold wallet addresses. It mentioned that it is a part of Binance’s ongoing commitment to transparency. However, the crypto exchange will be sharing Merkle tree proof of funds within the next few weeks.

Binance drops BTC, ETH holdings

Binance has dropped its major holdings which include Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BSC), BNB tokens and TRX.

As per the data shared by Binance, it is holding a massive 475K Bitcoins (BTC) amid the crash. As per the press time, BTC is trading at an average price of $16,623. Binance’s total BTC holdings are worth around $7.89 billion.

It is holding 4.8 million Ethereum (ETH) in several hot and cold wallet addresses. ETH prices have dropped by a massive 21% in the last 7 days. Ethereum is trading at an average price of $1,204, at the press time. Binance’s total ETH holdings are now worth around $5.79 billion.

With this, the cryptocurrency exchange holds $17.6 billion worth of USDT, $21.7 billion worth of BUSD and $601 million worth of USDCs. it is holding more than $40 billion worth of just stablecoins as of now.

However, it also holds 58 million BNB tokens. BNB prices have dropped by a huge 15% in the last 7 days. It is trading at an average price of $279, at the press time. The exchange holds $16.1 billion worth of BNB tokens.

CZ to drop more data

After dropping these details, Changpeng Zhao (CZ) commented that this is just the data for old wallet addresses and balances for 6 of our 600 coins. However, there will be more to come soon.

He added that the proof of reserves will be finished soon. However, they are waiting on a vendor that everyone uses. This process might take weeks. Meanwhile, they may try to find something better to produce this data.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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