By George Ward
Following the demise of FTX, blockchain analytics company Nansen has published an analysis of the assets and holdings of the biggest crypto exchanges. With users’ demands for open records of cryptocurrency holdings and managed assets, FTX had put its competitors in the spotlight.
Hence, prominent crypto exchanges, including Binance, OKX, Huobi, and Crypto.com, have attempted to reveal data about their holdings and portfolios. However, the FTX disaster caused investor morale to be damaged and prompted them to start removing their Bitcoin and various tokens from FTX competitors to prevent similar occurrences.
Nansen Evaluates The Holdings Of Binance
Recently, Nansen looked into seven significant marketplaces, their pertinent portfolios, and clarification statements of profiles in a Twitter thread. Binance, OKX, Crypto.com, Deribit, KuCoin, Huobi, and Bitfinex are the marketplaces that analytics firms analyzed.
According to the analysis, the Ethereum, Bitcoin, TRON, and BNB blockchains account for over 64.3 billion USD worth of assets held by Binance. It is recognized as the biggest marketplace on the planet by trading volume. It outshines the other marketplaces by a wide margin.
The Nansen report also revealed that Bitfinex has the second biggest asset volumes in reserve among the seven marketplaces. It maintains $8.24 billion worth of crypto assets. Such assets include tokens of the Bitcoin, TRON, Solana, Ethereum, Polygon, Acala, Ethereum, Polygon, Fantom, Near, Terra, Avalanche, Cosmos, and Terra Classic blockchains.
The assets of Huobi are $3.3 billion and are spread throughout eight separate networks. According to reports, OKX owns $5.84 billion of digital currency on Bitcoin, Polygon, Ethereum, TRON, Arbitrum, and Avalanche blockchains.
Crypto.com controls seven crypto assets from chains totaling an approximated $2.37 billion. On eight blockchains, KuCoin’s addresses hold crypto assets totaling over $2.60 billion, and Deribit claims assets totaling about 1.46 billion on the Bitcoin, Solana, and Ethereum blockchains.
Alex Svanevik, Co-founder and Chief Executive Officer of Nansen, stated that the company intends to release its initial analysis of the FTX issue this week. After the apocalyptic breakdown of the Terra network in May 2022, Nansen also made a similar analysis at that time.