Binance holds $165B in crypto reserves, nearly 69% of the total across major exchanges

The exchange pulled in more than 25,000 Bitcoin in a month while its seven largest rivals saw net outflows Binance held about $165 billion in crypto reserves on October 1. That works out to 68.7% of the $240.2 billion tracked across eight major centralized exchanges. The figure matters because it shows how concentrated crypto’s custodial layer has become. It also shows which way money moved during a month when prices did most of the heavy lifting. The numbers behind the dominance Binance’s reserves climbed from $154.3 billion in September to roughly $165 billion by early October. Part of that gain came from rising asset prices. Part of it came from fresh deposits. Bitcoin makes up about 34% of the exchange’s reserves. Tether’s USDT stablecoin follows at 19%. Binance’s own BNB token accounts for 16.5%. WBETH, a wrapped version of staked Ether that Binance issues, sits at about 5%. Across all eight exchanges, combined reserves rose by $18.33 billion month over month. Most of that increase came from price appreciation rather than new money walking through the door. Bitcoin went one direction, and it was toward Binance During the observed month, Binance added 25,155 BTC in net inflows....