15% of Bitcoin Supply Held on Centralized Exchanges

The data, highlighted by crypto analyst Darkfost and platforms like CoinGlass, paints a clear picture of centralized dominance over a significant portion of the Bitcoin network. The nearly 3 million BTC held across exchanges is not evenly distributed but is heavily concentrated among a handful of market leaders. According to the analysis, Binance commands the largest share, controlling around 30% of all Bitcoin stored on these centralized platforms. This is followed by Bitfinex with nearly 20%, while Robinhood and South Korea’s Upbit each account for approximately 8.2% of the reserves. Other major players including Kraken, OKX, and Gemini hold between 5% and 7% each.

However, the distribution story becomes more nuanced when examining absolute holdings. Data from CoinGlass reveals that Coinbase Pro, despite a smaller percentage share in the centralized exchange (CEX)-specific ranking, is the single largest holder with approximately 792,000 BTC. Binance follows closely with nearly 662,000 BTC, and Bitfinex holds roughly 430,000 BTC. This concentration underscores the pivotal role these large, liquid venues play in the global Bitcoin market structure, acting as de facto custodians for a vast pool of capital.

The persistence of such large reserves, years after the FTX debacle highlighted the risks of third-party custody, is driven by the evolution of exchange business models. As Darkfost noted, platforms now offer a suite of services beyond simple spot trading, including yield generation, collateralized derivative products, and lending solutions. These advanced financial instruments require exchanges to maintain significant Bitcoin reserves to meet user liquidity needs and ensure fast order execution. The convenience and integrated ecosystem these services provide create a powerful incentive for users to keep assets on-platform.

This dynamic is reflected in trading activity. A CryptoQuant report from earlier in the year showed that Binance alone captured over 40% of global spot and Bitcoin perpetual volumes in 2025, processing a staggering $25.4 trillion in Bitcoin perpetual futures. Such volume concentration naturally correlates with the need for deep liquidity reserves, creating a feedback loop where dominant platforms attract more assets to support their market activity.

While the overall reserve figure is massive, the past month has revealed divergent trends beneath the surface. According to CoinGlass data, total exchange balances increased by 16,990 BTC over 30 days, but individual platforms experienced significant inflows and outflows. Binance saw the largest net inflow, adding more than 22,000 BTC. In contrast, OKX and Bithumb recorded outflows exceeding 2,700 BTC and 3,600 BTC, respectively. Gemini saw the most pronounced decline, with its balances dropping by almost 13,900 BTC.

These movements occur against a backdrop of strategic pivots and regulatory positioning by the exchanges themselves. In a significant development, Kraken confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) in November 2025, following an $800 million funding round that valued the exchange at $20 billion. Meanwhile, Robinhood—which holds about 8.2% of exchange BTC reserves—recently launched the public testnet for Robinhood Chain in February 2026. This is an Ethereum Layer 2 network built on Arbitrum, designed to accelerate development in the tokenized assets space, signaling a move beyond traditional exchange services.

The $200 billion question for the market is whether this concentration represents a permanent feature of the crypto landscape or a lingering legacy practice. The data suggests that as long as centralized platforms remain the primary hubs for liquidity, yield, and sophisticated trading, a significant portion of Bitcoin’s supply will likely continue to reside within their vaults, balancing the ideals of decentralization with the realities of financial utility.