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On-Chain Data Counters Claims Binance Is Facing an FTX Moment
On-chain data suggest Binance is still financially stable despite a wave of online criticism likening the exchange to FTX.
Danielle du Toit2 min read
5 February 2026, 10:30 AM
CryptoQuant reported no meaningful changes in its Bitcoin reserves. While a dip in Bitcoin’s price fueled social media speculation and coordinated account activity claiming users were leaving the platform, analysts say Binance’s on-chain metrics show no signs of liquidity stress. Although some people in the industry have raised concerns about leverage and market practices, Binance rejected claims that it triggered past market disruptions and maintains that the recent narrative is being driven in part by misinformation rather than underlying financial weakness.
Binance Unshaken by Market Volatility
On-chain data shows no signs of financial stress at Binance despite a surge of online criticism comparing the exchange to the collapse of FTX, according to blockchain analytics firm CryptoQuant. The company said Binance’s Bitcoin reserves are still stable, with holdings of roughly 659,000 BTC. This is only marginally higher than the 657,000 BTC that was reported at the end of 2025.
The new scrutiny comes as Bitcoin briefly fell below $74,000 this week, which fueled speculation on social media that major exchanges could face liquidity pressure. However, analysts say Binance’s on-chain metrics do not reflect the kinds of reserve outflows or imbalances typically associated with exchange distress.
Concerns escalated after a cluster of similarly named X accounts posted identical messages claiming they decided to close their Binance accounts. A review of the accounts showed overlapping usernames, shared avatar imagery, and synchronized posting behavior, raising questions about whether the activity was coordinated or inauthentic. Some of the accounts appeared to have changed behavior in mid-2025, shifting suddenly toward crypto commentary.
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