Yugocean
Valued Contributor
Now, it appears from the Bitcoin Reserves data that Binance holds the largest BTC reserves.
Following the FTX collapse, people withdrew billions of dollars' worth of crypto from centralised exchanges and other crypto platforms, causing many other platforms to suffer economic losses, adding to the market value loss of crypto and prompting people to sell their Bitcoins.
Many people are selling Bitcoin at a loss to avoid more losses due to the rapid price drop. Everyone has to turn to an exchange to sell, and Binance is the one most people are relying on at the moment.
Binance CEO CZ has attracted the public's attention by holding events in various countries, hosting webinars, communicating multiple times on social media, and increasing credibility on a daily basis, whereas other exchanges are less active and rarely update on social media, limiting their contact with the public.
Because exchanges like Bitfinex, Gemini, and Kraken are also updating to regain people's trust, they have enough bitcoin stock.
Following the FTX collapse, people withdrew billions of dollars' worth of crypto from centralised exchanges and other crypto platforms, causing many other platforms to suffer economic losses, adding to the market value loss of crypto and prompting people to sell their Bitcoins.
Many people are selling Bitcoin at a loss to avoid more losses due to the rapid price drop. Everyone has to turn to an exchange to sell, and Binance is the one most people are relying on at the moment.
Binance CEO CZ has attracted the public's attention by holding events in various countries, hosting webinars, communicating multiple times on social media, and increasing credibility on a daily basis, whereas other exchanges are less active and rarely update on social media, limiting their contact with the public.
Because exchanges like Bitfinex, Gemini, and Kraken are also updating to regain people's trust, they have enough bitcoin stock.