Binance and Coinbase Continue to Dominate the Crypto Industry with Largest Supply Statistics in 2023
Collectively, Binance and Coinbase hold cryptocurrencies valued at $199.14 billion, constituting 11.85% of the entire crypto economy. Binance takes the lead with holdings amounting to $136.47 billion, while Coinbase maintains approximately $62.67 billion in crypto value.
Binance and Coinbase continue to stand out as the world’s top cryptocurrency exchanges, both in terms of daily trading volumes and the cryptocurrency reserves under their management.
In a sample 24-hour period:
- Binance took the lead with a significant $15.87 billion in trading activity
- Coinbase recorded $2.91 billion in trades
Data from Arkham Intelligence indicates that these exchanges collectively hold cryptocurrencies valued at $199.14 billion, constituting 11.85% of the entire crypto economy. Binance takes the lead with holdings amounting to $136.47 billion, while Coinbase maintains approximately $62.67 billion in crypto value.
Specifically, Coinbase holds 978,577 BTC, while Binance commands 666,922 BTC. Together, Coinbase and Binance manage a total of 1,645,499 BTC, valued at $70.49 billion based on current exchange rates. This represents approximately 7.83% of Bitcoin’s capped supply of 21 million.
Presently, Coinbase and Binance, which are emerging as 2 of the leading crypto lobbyists, control about 8.39% of the circulating 19,597,705 BTC.
In addition to Bitcoin, both exchanges also hold a substantial amount of Ethereum:
- Binance holds 4.47 million ETH, while
- Coinbase has an even larger stash with 7.058 million Ether
Coinbase and Binance collectively control around 9.58% of the total circulating supply of 120.18 million Ether.
- Binance’s largest holding, according to Arkham, is 164.54 million BNB (Binance Coin), valued at $49.70 billion as of January 13, 2024. The second-largest holding is Bitcoin, and the third-largest is Tether (USDT), with Binance owning 25.39 billion USDT. Ether is 4th while the fifth-largest asset by value is FDUSD, of which Binance holds 1.9 billion.
- In the case of Coinbase, apart from BTC and ETH, the third-largest asset by value on the exchange is LINK, with a holding of 77.67 million LINK valued at $1.11 billion. The fourth-largest asset is USDC, amounting to 575.63 million, and in fifth place is Coinbase’s stash of 921,875 BNB (Binance Coin), valued at $278 million. Other notable holdings on Coinbase include 930 million GRT (The Graph), 11.91 million UNI (Uniswap), and 160 million ZRX (0x).
