Nearly 3 million Bitcoin (BTC), worth approximately $200 billion and representing 15% of the circulating supply, remains held on centralized cryptocurrency exchanges (CEXs), according to recent on-chain analysis. This concentration persists despite the industry's emphasis on self-custody following the 2022 FTX collapse. The distribution is heavily skewed, with Binance controlling the largest share at around 30% of all Bitcoin stored on CEXs, followed by Bitfinex (almost 20%), and Robinhood and Upbit (each about 8.2%).
In absolute terms, Coinbase Pro holds the largest amount at approximately 792,000 BTC, with Binance following at nearly 662,000 BTC and Bitfinex at roughly 430,000 BTC. Analyst Darkfost attributes this to the "liquidity depth, fast order execution, and access to additional services such as lending and staking" offered by these platforms. This aligns with trading volume data showing Binance captured over 40% of spot and Bitcoin perpetual volumes across major global exchanges in 2025.
Simultaneously, the market is experiencing a significant liquidity drain. Market analyst Ali Martinez revealed that stablecoin reserves across crypto exchanges have plummeted by 14% over the past three consecutive months, falling from $75 billion to $64.5 billion—a $10.5 billion outflow. This decline is a critical warning sign, as stablecoin reserves indicate market liquidity and investor willingness to trade. A sustained decrease suggests reduced investment interest and a shift towards risk-off positioning among investors.
Binance has been the epicenter of this stablecoin exodus, suffering outflows of $9.1 billion, dropping from $50.9 billion to $41.8 billion. Binance now holds 65% of all stablecoin reserves on major CEXs. OKX is the second-largest holder with 13.09%, followed by Coinbase (7.91%), ByBit (6.47%), MEXC (2.5%), and Bitget (1.01%). This outflow occurs amid macroeconomic uncertainty, contributing to recent price declines in major assets like Bitcoin and Ethereum.
The backdrop features evolving exchange business models. Kraken confidentially filed for an IPO with the SEC in November 2025 after an $800 million funding round valued it at $20 billion. Meanwhile, Robinhood recently launched the public testnet for its Ethereum Layer 2 network, Robinhood Chain, built on Arbitrum.
