On-Chain Data Counters Claims Binance Is Facing an FTX Moment

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.

Binance co-founder Changpeng Zhao responded on X by criticizing what he described as bad-faith behavior. He also reiterated that the exchange welcomes constructive criticism. Hardware wallet maker Trezor also amplified the posts, and used them to share the process of moving funds from centralized exchanges to self-custody.

X response from CZ

Interestingly, not all criticism came from suspicious accounts. Some well known people in the industry raised substantive concerns, including Star Xu, who previously accused Binance of contributing to a major liquidation event in October of 2025 through aggressive marketing and high leverage tied to its USDe promotion. Xu said his intention was not to single out Binance, but to draw attention to systemic risks and the need for responsible practices and transparency across the industry.

Binance denied that its platform caused the October flash crash, and pointed to a statement published in late January.