Nansen published a report on Binance on 13th December 2022, indicating that the Cryptocurrency exchange had lost around USD$3.6 billion - after seeing outflows of more than 8.7 billion, with a inflow of 5.1 billion. This amounted to around 4% of the firm's total, at the time.
Binance's current exchange reserve stands at an estimated 56 billion total, according to the exchange reserves dashboard on Nansen. The next two exchanges are OKX and Crypto.com, standing only at a reported 6.5B and 3.2B respectively according to Nansen data. This further shows Binance's current monopoly over the current crypto markets.
The decline of Binance Coin (BNB) is also significant, as BNB has lost 29% of it's value in the last two months alone and 37% in the last 12 months. Binance USD (BUSD) tokens have also reportedly sank by 40% in volume / number of tokens held by Binance.
Forbes also pointed out that Binance's decision to stop charging fees for spot bitcoin trading during the market downturn had also cost it almost USD$3 billion in revenues a year.
According to data combed from multiple Crypto firms such as CoinMarketCap and CER.LIVE, Binance's bitcoin (BTC) holdings reportedly range from $4.3 billion to $9.9 billion respectively based on the two firm's findings.
There is also the possibility that the data companies did not manage to comb all of Binance's wallets, with CoinMarketCap listing only around 248,000 BTC held by Binance while CER.Live estimated a much higher estimate of 570,000 BTC - an alarming disparity of almost 56% between the two data firms.
