Bitcoin balances on exchanges are shrinking and Binance is no exception

Dec. 23, 2022 at 3:30 pm

By Andjela Radmilac and James Van Straten

Binance saw 90,000 BTC leave the exchange in a single week in December. The exchange says it's business as usual but could the outflow trigger a bigger bank run in the future?

The collapse of FTX left a gaping hole in the crypto market. The failed exchange accounted for a significant chunk of the global trading volume and kept Binance from becoming the de facto ruler of the market.

With FTX now gone, Binance took the throne and became the largest and potentially the most important company in the crypto industry. The exchange now accounts for over 50% of the global spot and derivatives market, with its dominance increasing daily.

However, only looking at Binance’s trading volume fails to paint the complete picture of where the exchange stands.

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