Statistical data reveals that Binance and Coinbase, two titans in the cryptocurrency exchange arena, cumulatively possess 11.85% of the $1.68 trillion digital currency economy. In addition, these prominent trading platforms control 7.83% of the total bitcoin supply, underscoring their significant market influence.
Binance and Coinbase’s Market Grip
Binance and Coinbase rank as the world’s leading crypto exchanges in terms of their daily trading volumes and the cryptocurrency reserves they manage. In the most recent 24-hour period on Saturday, Binance led with a substantial $15.87 billion in trading activity, while Coinbase, securing its position as the weekend’s second-largest exchange, saw $2.91 billion in trades.
Onchain data sourced from Arkham Intelligence further reveals that these exchanges collectively maintain cryptocurrencies valued at $199.14 billion, representing 11.85% of the entire value of the crypto economy. Binance leads with $136.47 billion while Coinbase holds around $62.67 billion in crypto value. Statistics further show that Coinbase holds 978,577 BTC while Binance commands 666,922 BTC.
Combined, the duo controls 1,645,499 BTC worth $70.49 billion at current exchange rates or 7.83% of BTC’s 21 million capped supply. Right now, Coinbase and Binance command approximately 8.39% of 19,597,705 BTC in circulation. Both exchanges have a significant number of ethereum, according to Arkham’s data with Binance holding 4.47 million. Coinbase has an even larger stash with 7.058 million ether.
This means Coinbase and Binance hold approximately 9.58% of 120.18 million ether in circulation. Binance’s largest stash of crypto assets according to Arkham is the 164.54 million BNB the exchange holds which is worth $49.70 billion on Jan. 13, 2024. The company’s BTC stash is the second largest and tether (USDT) is the third largest asset by value on Binance as the exchange owns 25.39 billion USDT. Besides ether, the fifth largest asset by value is FDUSD, and Binance commands 1.9 billion.
As far as Coinbase is concerned, besides BTC and ETH, the third largest asset by value on the San Francisco exchange is LINK as it owns 77.67 million worth $1.11 billion. The fourth largest asset on Coinbase is USDC with 575.63 million and in fourth is the company’s stash of 921,875 BNB worth $278 million. Other notable caches of coins on Coinbase include 930 million GRT, 11.91 million UNI, and 160 million ZRX.
The dominance of Binance and Coinbase in the crypto sector is a testament to the evolving landscape of digital finance. Their substantial holdings in various cryptocurrencies not only highlight their market strength but also signal an industry where key players wield considerable influence. This concentration of crypto assets may shape the future trajectory of digital currency markets, potentially impacting future trends, bitcoin’s overall liquidity, and the broader financial ecosystem.
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