Binance Strengthens Its Dominance Over Bitcoin Reserves on Exchanges: Details
Bitcoin's price has risen by more than 10% since last week, and with improved sentiment, Binance's position as the largest trading platform has strengthened, as data from 'CryptoQuant' shows it holds 23% of the total Bitcoin reserves on centralized exchanges.
Since the 'COVID-19' crisis, Binance has continued to increase its reserves, while competitors' reserves have declined, reflecting user confidence and liquidity concentration.
However, this concentration has raised questions about market centralization and Binance's influence on capital flows.
At the same time, whale and institutional activity is increasing, as the buy/sell ratio on Binance rose by about 19% over the past month.
The platform recorded a positive net flow of $62 million, the highest in weeks.
With weak participation from retail traders, these institutional indicators suggest potential upward momentum, especially after the price of Bitcoin touched $94,500 amid improving macroeconomic conditions.
