A Sixth of All Bitcoin Held on Centralized Exchanges Despite FTX Crash

Approximately 3 million Bitcoin (BTC), equivalent to 15% of the circulating supply and valued at around $200 billion, are currently held on centralized exchange platforms. This is despite the FTX collapse in 2022 and ongoing industry discussions about self-custody. The top platforms storing Bitcoin include Binance, Bitfinex, Robinhood, Upbit, Kraken, OKX, and Gemini. These platforms have expanded their services to include yield generation, collateralized derivative products, and lending solutions, which require substantial Bitcoin reserves. Binance controls about 30% of all Bitcoin on centralized platforms, followed by Bitfinex, Robinhood, and Upbit. Despite the substantial amount of Bitcoin held on exchanges, there have been mixed movements across different platforms in the past month, reflecting complex market dynamics.