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According to data shared by crypto influencer John Brown, 91% of Bitfinex exchange’s reserves are Bitcoin (
$74,496.00 ) (BTC) and Ethereum (
$2,280.80 ) (ETH).
Coinbase follows Bitfinex as a close second by having 63% of its reserves in Bitcoin ( $74,496.00 ) and Ethereum ( $2,280.80 ) , according to additional information added by Brown.
The ratio of reserves held in BTC & ETH differs strongly per exchange.
(Data from @cryptoquant_com) pic.twitter.com/UwxRrS5Ltc
— John Brown (@john_j_brown) November 21, 2022
Crypto.com comes as the third exchange with the most significant Ethereum ( $2,280.80 ) and Bitcoin ( $74,496.00 ) percentages at 52%.
Leading exchange Binance is placed at the bottom of the list by having only 15% of its reserves consisting of Bitcoin ( $74,496.00 ) or Ethereum ( $2,280.80 ) .
Proof of reserves
Upon the FTX collapse, Binance CEO Changpeng Zhao suggested that all exchanges publish their proof-of-reserves. Many exchanges followed Zhao’s advice and published their documents, including Bitfinex, Crypto.com, Binance, OKX, and Coinbase.
According to its proof-of-reserves, Bitfinex holds around 207,356.67967717 Bitcoin ( $74,496.00 ) s and 1,225.600 Ethereum ( $2,280.80 ) s.
Crypto.com’s 52% equates to 53,024 Bitcoin ( $74,496.00 ) s and 391,564 Ethereum ( $2,280.80 ) , according to its proof of reserves. The exchange also stated that its Bitcoin ( $74,496.00 ) and Ethereum ( $2,280.80 ) are worth around $3 billion when combined with Crypto.com’s other holdings.
Binance also published its proof of funds on Nov. 11. The exchange disclosed that it held around $69 billion worth of digital assets. It also detailed that it had 475,000 Bitcoin ( $74,496.00 ) and 4.8 million Ethereum ( $2,280.80 ) , which consists of only 15% of the exchange’s reserves. Binance also holds 58 million BNB (
$621.10 ) and 17.6 billion USDT, amongst others.
OKX and Coinbase, on the other hand, revealed that they back all their users’ assets at 1:1 by real funds.
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