Nearly 3 million Bitcoin (BTC), valued at around $200 billion and constituting about 15% of circulating supply, currently rests on centralized exchange platforms.

The concentration of assets on these venues suggests that, despite the tumultuous aftermath of the FTX collapse in 2022 and ongoing efforts to promote self-custody in the cryptocurrency space, approximately one in every six BTC remains under the custody of third-party intermediaries.

Binance Takes the Lead

Data shared by crypto analyst Darkfost shows that reserves on centralized exchanges have risen in tandem with the growth of trading offerings. Platforms now provide yield generation, collateralized derivative products, and lending options, all of which necessitate maintaining substantial Bitcoin reserves to meet user liquidity requirements. Consequently, it’s reported that nearly 3 million BTC are held on exchanges, with the majority concentrated among leading firms.

According to observers, Binance dominates this space, controlling nearly 30% of all Bitcoin across centralized platforms. Following are Bitfinex with almost 20%, and Robinhood and South Korea’s Upbit, each with about 8.2%. Kraken, OKX, and Gemini are among the others with holdings varying between 5% and 7%.

The concentration further intensifies when examining sheer volume. Data from CoinGlass indicates that Coinbase Pro currently holds around 792,000 BTC, making it the largest individual exchange holder despite a smaller market share percentage. Binance comes in second with nearly 662,000 BTC, while Bitfinex holds around 430,000 BTC.

“The liquidity depth, fast order execution, and access to additional services such as lending and staking contribute to maintaining a significant share of Bitcoin’s circulating supply within these centralized structures,” noted Darkfost in their analysis.

This observation aligns with trading volume data, revealing continued activity clumping around certain platforms. A report from CryptoQuant earlier this year indicated that Binance captured over 40% of spot and perpetual Bitcoin volumes across major global exchanges in 2025, processing up to $25.4 trillion in Bitcoin perpetual futures alone.

Market Dynamics Amid Exchange Holdings

The $200 billion on exchanges presents a complex market scenario. While total exchange reserves are considerable, recent data indicates mixed individual platform movements. CoinGlass reports a total increase of around 16,990 BTC in exchange balances over the past month. Notably, Binance has added over 22,000 BTC, but platforms like OKX and Bithumb faced outflows exceeding 2,700 BTC and 3,600 BTC respectively. Gemini recorded the most significant decline over the past 30 days, losing nearly 13,900 BTC.

These fluctuations occur in a context where exchange business models and regulations are evolving. Kraken quietly filed for an IPO with the U.S. Securities and Exchange Commission (SEC) in November 2025, following a funding round that valued the exchange at $20 billion. Simultaneously, Robinhood—the holder of about 8.2% of exchange BTC reserves—recently introduced the public testnet for Robinhood Chain, an Ethereum Layer 2 initiative constructed on Arbitrum designed to expedite the development of tokenized assets.