Nearly $200 billion worth of Bitcoin, accounting for 15% of its circulating supply, remains held on centralized exchanges. Data reveals that Binance controls nearly 30% of these exchange-held BTC, highlighting significant market concentration despite industry pushes for self-custody following past collapses like FTX.
Recent analysis shows that close to 3 million Bitcoin, valued at approximately $200 billion, is held on centralized trading platforms. This represents about 15% of the asset’s total circulating supply.
The concentration of assets reveals that one in six BTC remains with third-party intermediaries. This persists despite the industry’s messaging around self-custody after the 2022 FTX collapse.
Data shared by crypto analyst Darkfost shows that exchange reserves have grown alongside the expansion of trading services. Platforms now offer yield generation, derivatives, and lending, which require maintaining significant Bitcoin reserves for user liquidity.
According to the on-chain observer, Binance holds the largest share, controlling around 30% of all Bitcoin stored on centralized platforms. Bitfinex follows with almost 20% of reserves, while Robinhood and South Korea’s Upbit each account for about 8.2%.
The concentration is further evident in absolute figures, with Coinbase Pro holding roughly 792,000 BTC. Binance follows with nearly 662,000 BTC, while Bitfinex holds roughly 430,000 BTC.
Darkfost noted in their analysis that “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 infrastructures.”
Recent exchange balance data shows mixed movements, with overall holdings increasing by nearly 17,000 BTC over 30 days. Binance added more than 22,000 BTC in that period, while Gemini saw the largest decline of almost 13,900 BTC.
This activity occurs amid evolving business models, with Kraken confidentially filing for an IPO in November 2025. Robinhood recently launched the public testnet for its own Ethereum Layer 2 network in February 2026.
