The number of bitcoins held by Binance has increased dramatically

The bitcoin balance of the world’s largest cryptocurrency exchange Binance has grown significantly after the FTX collapse, and the total holdings are now approaching 600,000 BTC, according to Coinglass experts. According to the cryptocurrency analytics platform, Binance currently holds more than 575,000 BTC coins, and over the past week, the exchange has added more than 137,011 BTC. As bitcoin BTC $65,755.33 Bitcoin -0.33% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion is currently hovering around $ 16,000, at the current exchange rate, Binance’s entire cryptocurrency capital is worth more than $ 9 billion.

According to Coinglass analysts, cryptocurrency exchanges Coinbase Pro, Bitfinex, Gemini, and Kraken are the next largest bitcoin holders after Binance. Thus, Coinbase Pro owns 528,900 BTC, Bitfinex — 345,597 BTC, Gemini — 153,212 BTC, and Kraken — 70,622 BTC.

Experts suggest that the large volumes of purchases of the flagship cryptocurrency may be related to the unprofitability of bitcoin mining. The rise in global electricity prices amid the global economic crisis and the Ukrainian-Russian war, as well as the fall in the exchange rate of the main digital asset, have made cryptocurrency mining unprofitable. So, to stay afloat, miners are forced to sell most of their coins.

Earlier, researchers from Coinbase Research predicted that the turbulence in the cryptocurrency market would last for several more months, and possibly until the end of 2023. So the situation for miners is still difficult. The average price of electricity per kWh in the United States is currently around $ 0.10, which means that the only operators in the United States that are able to mine profitably are forced to use only the latest and most expensive equipment or look for a cheaper alternative to electricity. It will take a long time to resolve the situation on a global level, which could extend into next year.