研究發現，自 FTX 崩潰以來，主要加密貨幣交易所的比特幣儲備有所增加

觀察家已經敏銳地意識到交易所在缺乏足夠儲備時所面臨的風險。如果他們無法滿足提款請求，就會損害用戶信心並使他們面臨資金損失的風險。

The collapse of FTX in November 2022 had a profound impact on the crypto industry, highlighting the importance of exchange reserves.

2022 年 11 月 FTX 崩盤對加密產業產生了深遠影響，凸顯了外匯存底的重要性。

Major crypto exchanges have seen their Bitcoin reserves grow in the two years since the FTX exchange went bankrupt. This trend is driven by a shift in user preference toward exchanges that demonstrate on-chain proof of their assets.

自 FTX 交易所破產以來，主要加密貨幣交易所的比特幣儲備在兩年內持續成長。這一趨勢是由用戶偏好向能夠展示其資產的鏈上證明的交易所轉變所推動的。

The إف إف تي إكس exchange went bankrupt in November 2022, highlighting the need for exchanges to maintain sufficient reserves to meet user requests.

2022 年 11 月，G2 交易所破產，凸顯了交易所需要維持足夠的準備金來滿足用戶的要求。

This incident also exposed severe flaws in FTX’s controls and highlighted the need for greater transparency and reliable reserve reporting among all crypto exchanges.

這起事件也揭露了 FTX 控制的嚴重缺陷，並凸顯了所有加密貨幣交易所需要提高透明度和可靠的儲備報告。

Observers have grown keenly aware of the risks that exchanges face when they lack sufficient reserves. If they cannot meet withdrawal requests, it undermines user confidence and puts them at risk of losing funds.

觀察家已經敏銳地意識到交易所在缺乏足夠儲備時所面臨的風險。如果他們無法滿足提款請求，就會損害用戶信心並使他們面臨資金損失的風險。

Maintaining adequate reserves is also critical for liquidity and order execution, especially during volatile periods.

保持充足的準備金對於流動性和訂單執行也至關重要，尤其是在波動時期。

In light of this trend, CryptoQuant shared with crypto.news a study on the state of exchange proof-of-reserves (PoR).

有鑑於此趨勢，CryptoQuant 與 crypto.news 分享了一項關於交易儲備證明（PoR）狀態的研究。

How crypto has changed post-FTX

FTX 之後加密貨幣發生了什麼樣的變化

FTX’s collapse in November 2022 was one of the most significant and dramatic events in the crypto industry’s history.

FTX 於 2022 年 11 月的崩盤是加密貨幣行業歷史上最重大、最戲劇性的事件之一。

This incident shook investor confidence and caused profound changes in the crypto market’s structure and functioning.

這起事件動搖了投資人的信心，並導致加密市場的結構和功能發生深刻變化。

At the time, the price of Bitcoin (BTC) and other major cryptocurrencies fell, reflecting fear and distrust of institutional players in the market.

當時，比特幣（BTC）和其他主要加密貨幣的價格下跌，反映出市場上機構參與者的恐懼和不信任。

Many investors began to doubt the safety and stability of crypto and, as a result, decided to leave the market completely.

許多投資者開始懷疑加密貨幣的安全性和穩定性，並因此決定徹底退出市場。

Attention toward security issues became even more urgent. Many crypto exchanges and projects have begun implementing new measures to protect users’ funds, including two-factor authentication, monitoring systems, and analyzing transactions for suspicious activity.

對安全問題的關注變得更加緊迫。許多加密貨幣交易所和專案已經開始實施新措施來保護用戶的資金，包括雙重認證、監控系統和分析可疑活動的交易。

New security standards have emerged, as well as solutions to prevent the loss of funds in case of hacks or fraudulent activities.

新的安全標準以及防止駭客或詐欺活動造成資金損失的解決方案已經出現。

Among others, the PoR standard has emerged — a mechanism cryptocurrency exchanges use to publicly demonstrate that they have enough assets in reserve to cover all user balances.

其中，PoR 標準已經出現——加密貨幣交易所用來公開證明他們有足夠的資產儲備來涵蓋所有用戶餘額的機制。

“PoR fosters trust and transparency, as it allows users to confirm that an exchange has not over-leveraged or mismanaged their assets, which has become particularly crucial following high-profile exchange collapses in the industry.”

“PoR 促進了信任和透明度，因為它允許用戶確認交易所沒有過度槓桿化或管理不當其資產，在行業內備受矚目的交易所崩潰之後，這一點變得尤為重要。”

Major exchanges record Bitcoin outflow

主要交易所創下比特幣流出紀錄

Among the major exchanges with the most prominent Bitcoin reserves, only Coinbase does not publish PoR reports.

在比特幣儲備最突出的主要交易所中，只有Coinbase不發布PoR報告。

Experts note that the other major exchanges periodically provide such reports with varying degrees of transparency.

專家指出，其他主要交易所定期提供此類報告，但透明度不同。

Binance’s reserve increased by 28,000 BTC, or 5%, reaching 611,000, despite the pressure from the U.S. authorities in 2023.

2023 年，儘管面臨美國當局的壓力，幣安的儲備金仍增加了 28,000 BTC，即 5%，達到 611,000 BTC。

Among the major exchanges, Binance also shows the most minor reserve decrease over the entire period, not exceeding 16%.

在主要交易所中，幣安的準備金下降幅度也是整個期間最小的，不超過 16%。

Three key exchanges hold 75% of all Bitcoins held by exchanges.

三大主要交易所持有交易所持有的所有比特幣的 75%。

These are Coinbase Advanced, with 830,000 BTC, Binance with 615,000, and Bitfinex, which has 395,000 Bitcoins.

這些是 Coinbase Advanced，擁有 830,000 BTC，Binance 擁有 615,000 BTC，Bitfinex 擁有 395,000 BTC。

Together, the reserves of these platforms reach 1.836 million BTC, which is 9.3% of the total amount of Bitcoins in circulation.

這些平台的儲備合計達到183.6萬BTC，佔比特幣流通總量的9.3%。

The remaining 17 exchanges hold a total of 684,000 BTC.

其餘17家交易所總共持有684,000 BTC。

Reserves landing

儲備登陸

Currently, Binance, Bitfinex, and OKX show small decreases in reserves.

目前，Binance、Bitfinex 和 OKX 的儲備金均出現小幅下降。

At the same time, Binance appears to be the only exchange that has not experienced significant drawdowns in its history.

同時，幣安似乎是歷史上唯一沒有經歷過大幅縮水的交易所。

Analyzing exchange reserves based on tracking their changes allows us to assess their ability to meet user demands over time.

透過追蹤外匯儲備的變化來分析外匯儲備，我們可以評估其隨著時間的推移滿足用戶需求的能力。

Significant declines may indicate that users are massively withdrawing their funds, indicating a decrease in trust or financial problems.

大幅下降可能表示用戶正在大量撤回資金，表示信任度下降或出現財務問題。

The most significant decline in Binance’s reserves was 15%, which occurred in December 2022, shortly after the FTX crash.

幣安儲備金最大幅度下降了 15%，發生在 2022 年 12 月，即 FTX 崩盤後不久。

At the time, Binance faced considerable criticism and distrust over its reserve report.

當時，幣安因其準備金報告而面臨相當大的批評和不信任。

However, Binance’s reserves have recovered and are currently down only 7%.

不過，幣安的儲備金已經恢復，目前僅下降了 7%。

Other significant exchanges have also seen slight declines, with Bitfinex down 5% and OKX down 11%.

其他重要交易所也出現小幅下跌，其中 Bitfinex 下跌 5%，OKX 下跌 11%。

While industry leaders like Binance and Bitfinex have managed to shore up their reserves since the FTX crash, the situation is still tense.

儘管自 FTX 崩盤以來，幣安和 Bitfinex 等行業領導者已設法增加儲備，但局勢仍然緊張。

The failure of some major players like Coinbase to publish PoR reports suggests that the road to full transparency is still far off.

Coinbase 等一些主要參與者未能發布 PoR 報告，這表明實現完全透明的道路還很遙遠。

But the current reserve dynamics indicate a desire to improve and increase users’ trust.

但目前的儲備動態顯示希望改善和增加用戶的信任。

The expert, in a comment to crypto.news, emphasized that the bankruptcy of FTX highlighted the need for crypto exchanges to prove that they have enough reserves.

該專家在 crypto.news 的評論中強調，FTX 的破產凸顯了加密貨幣交易所需要證明自己擁有足夠的儲備。

“This event led to a shift where users

「這事件導致了用戶的轉變