Recent analysis reveals that approximately 3 million Bitcoin (BTC), valued at around $200 billion, is currently held on centralized exchanges, representing 15% of the total circulating supply. This indicates a significant trend where, despite the aftermath of the FTX collapse in 2022 and ongoing advocacy for self-custody, a substantial portion of Bitcoin remains in the hands of third-party intermediaries.
Binance has emerged as a dominant player in this landscape, controlling nearly 30% of all Bitcoin stored on centralized platforms. Following Binance, Bitfinex holds close to 20% of the reserves, while both Robinhood and South Korea”s Upbit account for about 8.2% each. Other exchanges, including Kraken, OKX, and Gemini, also feature in the top tier, with holdings ranging from 5% to 7% of the total.
The data, analyzed by crypto expert Darkfost, highlights that the liquidity and services offered by these exchanges, such as yield generation, collateralized derivatives, and lending solutions, have led to an increase in Bitcoin reserves on their platforms. In fact, the liquidity depth and quick order execution available on these exchanges are vital for maintaining a significant share of Bitcoin”s circulating supply.
Further emphasizing this trend, a report from CryptoQuant noted that Binance captured over 40% of spot and Bitcoin perpetual volumes across major global exchanges in 2025, processing $25.4 trillion in Bitcoin perpetual futures alone.
Despite the substantial total amount held on exchanges, the situation is complex. Recent statistics from CoinGlass indicate that overall exchange balances have increased by approximately 16,990 BTC over the past month, but individual platforms show varied trends. For instance, Binance has added more than 22,000 BTC, whereas exchanges like OKX and Bithumb have experienced outflows exceeding 2,700 BTC and 3,600 BTC, respectively. Notably, Gemini has faced the largest decline, with its balances dropping by nearly 13,900 BTC.
This dynamic is unfolding amidst evolving business models and regulatory landscapes for exchanges. Kraken has confidentially filed for an IPO with the U.S. Securities and Exchange Commission (SEC), following an $800 million funding round that valued the exchange at $20 billion. In a parallel development, Robinhood has recently initiated the public testnet for Robinhood Chain, an Ethereum Layer 2 network aimed at promoting the development of tokenized assets.
The concentration of Bitcoin on centralized exchanges raises questions about the future of self-custody and the ongoing evolution of liquidity in the cryptocurrency markets.
