Almost 3 million Bitcoin, valued at about 200 billion dollars and representing close to 15 percent of the circulating supply, is currently held on centralized exchanges. This means roughly one out of every six BTC remains under the custody of third party platforms, even after the collapse of FTX in 2022 and increased industry emphasis on self custody.
Binance Holds the Largest Share
According to data shared by crypto analyst Darkfost, exchange reserves have grown in parallel with the expansion of trading services. Many platforms now provide yield products, derivatives backed by collateral, and lending features, all of which require sizable Bitcoin reserves to support user liquidity.
Among exchanges, Binance controls the largest portion of Bitcoin held on centralized platforms, accounting for nearly 30 percent of that supply. Bitfinex follows with close to 20 percent. Robinhood and South Korea based Upbit each hold about 8.2 percent. Kraken, OKX, and Gemini round out the leading group, with individual shares ranging between 5 and 7 percent.
When looking at absolute figures from CoinGlass, Coinbase Pro holds around 792,000 BTC, making it the largest single exchange holder by volume. Binance follows with nearly 662,000 BTC, while Bitfinex holds approximately 430,000 BTC.
Darkfost noted that deep liquidity, fast order execution, and access to services such as lending and staking help explain why a significant portion of Bitcoin’s supply remains concentrated within centralized platforms. Earlier data from CryptoQuant showed that Binance accounted for more than 40 percent of spot and Bitcoin perpetual trading volume across major exchanges in 2025, including 25.4 trillion dollars in Bitcoin perpetual futures alone.
Shifting Balances Across Platforms
Although total exchange reserves remain high, recent flows show mixed trends. Over the past 30 days, overall exchange balances increased by nearly 16,990 BTC, according to CoinGlass. However, individual exchanges experienced different patterns. Binance added more than 22,000 BTC during that period, while OKX and Bithumb saw outflows of over 2,700 BTC and 3,600 BTC, respectively. Gemini recorded the largest decline, with balances falling by almost 13,900 BTC.
These developments come as exchanges adjust their business strategies and regulatory positioning. Kraken confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission in November 2025 after completing an 800 million dollar funding round that valued the company at 20 billion dollars.
Meanwhile, Robinhood recently introduced a public testnet for Robinhood Chain in February 2026. The network is built on Ethereum Layer 2 infrastructure powered by Arbitrum and aims to accelerate the development of tokenized assets.
