It’s another sign of Binance’s hegemony at a time when the entire cryptocurrency exchange platform is struggling. The company is now the entity with the most bitcoins (BTC) in the world.
Binance becomes the world’s largest holder of bitcoins
The reversal of trends had been going on for some time. By 2021, reserves held by Coinbase had begun to fall sharply, while bitcoins held by Binance followed the opposite trajectory. And the two curves crossed this week:
Bitcoins held by Binance and Coinbase
If you look at the volumes of the two platforms, the difference is even more clear. Over the course of 24 hours, Binance saw $23.8 billion in volume flowing through its platform, compared to $3.1 billion for Coinbase.
Binance, a giant even in the middle of a bear market
The bear market has hit crypto companies hard in recent months. But the giant Binance seemed unaffected, and even boasted of hiring new staff, while other exchanges were laying off in droves. Coinbase cut its workforce by 18% in June.
As further proof of its financial comfort, Binance decided to waive the fees for BTC transactions for its 5th anniversary. You also only need to look at where the company’s cryptocurrencies are located to get an idea of where it currently stands. Its BNB is the fifth most capitalised cryptocurrency, worth $42.3 billion. As for its stablecoin BUSD, it is sixth, with $18.1 billion.
It is often said that bear markets “purge” non-serious projects, but they also have another effect. They tend to strengthen the position of the big players, who are able to prove their solidity. Whether one appreciates or distrusts Binance’s current hegemony, one thing remains certain: the giant is far from being shaken.
