Binance dominates the CEX landscape with $66.9B in digital assets

In a recent report from DefiLlama, a prominent blockchain data aggregation platform, it has been revealed that the top three centralized exchanges (CEXs) by total digital assets held are Binance, OKX, and Bitfinex. These findings shed light on the state of the cryptocurrency market and the dominance of certain digital assets within these exchanges.

At the forefront of this ranking is Binance, one of the largest cryptocurrency exchanges globally. According to DefiLlama’s data, Binance holds a staggering $66.917 billion in digital assets, underscoring its dominant position in the market. Notably, Bitcoin constitutes a substantial portion of these assets, with a volume of $20.578 billion, representing 30.75% of the digital assets held on the platform.

OKX secures the second spot with $12.413 billion in assets

Securing the second position in the ranking is OKX, another prominent cryptocurrency exchange. DefiLlama’s data reveals that OKX holds a substantial $12.413 billion in digital assets. Similar to Binance, Bitcoin plays a significant role in OKX’s asset portfolio, accounting for $4.827 billion or 38.89% of the total assets held on the exchange. 

However, it is important to note that Tether (USDT), the flagship stablecoin, dominates the digital assets volume on OKX, with a volume of $5.2 billion and a market share of 41.89%.

Bitfinex completes the top three with $11.746 billion in assets

Bitfinex, a well-known cryptocurrency exchange, secures the third position in this ranking, holding a total of $11.746 billion in digital assets. Bitcoin is the dominant digital asset on Bitfinex, claiming a significant share of 65.47% of all assets held on the exchange. 

Specifically, Bitcoins held on Bitfinex amount to $7.69 billion. LEO, another digital asset, holds the second-highest position on Bitfinex, with a volume of $2.596 billion, representing a market share of 22.1%.

Bitcoin and Tether dominate asset composition

Across these top three CEXs, it is evident that Bitcoin and Tether (USDT) are the primary drivers of asset composition. Bitcoin’s widespread presence and dominance as a digital asset are evident as it constitutes a substantial portion of assets held on Binance, OKX, and Bitfinex. 

Tether (USDT), on the other hand, emerges as the leading stablecoin, holding a significant portion of assets on OKX and contributing to the overall diversity of digital assets on these exchanges.

Intriguingly, DefiLlama’s data reveals that there has been a negative inflow of digital assets on all three of these top crypto exchanges in the last 24 hours. This suggests that users have been withdrawing their assets from these platforms during this period. Specifically, Binance experienced a withdrawal of $327.85 million in digital assets, OKX saw a decrease of $17.01 million, and Bitfinex users withdrew a significant $42 million in digital assets.

These outflows may indicate various factors, including traders’ desire to secure their assets in private wallets, concerns about the security of funds held on centralized exchanges, or shifts in trading strategies. Nevertheless, it is crucial to monitor these trends and their potential implications for the cryptocurrency market.