研究发现，自 FTX 崩溃以来，主要加密货币交易所的比特币储备有所增加

观察人士已经敏锐地意识到交易所在缺乏足够储备时所面临的风险。如果他们无法满足提款请求，就会损害用户信心并使他们面临资金损失的风险。

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 崩盘对加密行业产生了深远影响，凸显了外汇储备的重要性。

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 交易所破产以来，主要加密货币交易所的比特币储备在两年内不断增长。这一趋势是由用户偏好向能够展示其资产的链上证明的交易所转变所推动的。

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 交易所破产，凸显了交易所需要保持足够的准备金来满足用户的要求。

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.

这一事件还暴露了 FTX 控制方面的严重缺陷，并凸显了所有加密货币交易所需要提高透明度和可靠的储备报告。

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.

观察人士已经敏锐地意识到交易所在缺乏足够储备时所面临的风险。如果他们无法满足提款请求，就会削弱用户的信心，并使他们面临资金损失的风险。

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

保持充足的准备金对于流动性和订单执行也至关重要，尤其是在波动时期。

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

鉴于这一趋势，CryptoQuant 与 crypto.news 分享了一项关于交易储备证明（PoR）状态的研究。

How crypto has changed post-FTX

FTX 之后加密货币发生了怎样的变化

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

FTX 于 2022 年 11 月的崩溃是加密货币行业历史上最重大、最具戏剧性的事件之一。

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

这一事件动摇了投资者的信心，并导致加密市场的结构和功能发生深刻变化。

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

当时，比特币（BTC）和其他主要加密货币的价格下跌，反映出市场上机构参与者的恐惧和不信任。

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

许多投资者开始怀疑加密货币的安全性和稳定性，并因此决定彻底退出市场。

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.

对安全问题的关注变得更加紧迫。许多加密货币交易所和项目已经开始实施新措施来保护用户的资金，包括双因素身份验证、监控系统和分析可疑活动的交易。

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

新的安全标准以及防止黑客或欺诈活动造成资金损失的解决方案已经出现。

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 标准已经出现——加密货币交易所用来公开证明他们有足够的资产储备来覆盖所有用户余额的机制。

“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 促进了信任和透明度，因为它允许用户确认交易所没有过度杠杆化或管理不当其资产，在行业内备受瞩目的交易所崩溃之后，这一点变得尤为重要。”

Major exchanges record Bitcoin outflow

主要交易所创下比特币流出记录

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

在比特币储备最为突出的主要交易所中，只有Coinbase不发布PoR报告。

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

专家指出，其他主要交易所定期提供此类报告，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，尽管面临美国当局的压力，币安的储备金仍增加了 28,000 BTC，即 5%，达到 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，币安的准备金下降幅度也是整个期间最小的，不超过 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币的 75%。

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

这些是 Coinbase Advanced，拥有 830,000 BTC，Binance 拥有 615,000 BTC，Bitfinex 拥有 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.

这些平台的储备合计达到183.6万BTC，占比特币流通总量的9.3%。

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

其余17家交易所总共持有684,000 BTC。

Reserves landing

储备登陆

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

目前，Binance、Bitfinex 和 OKX 的储备金均出现小幅下降。

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

与此同时，币安似乎是历史上唯一没有经历过大幅缩水的交易所。

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

通过跟踪外汇储备的变化来分析外汇储备，我们可以评估其随着时间的推移满足用户需求的能力。

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

大幅下降可能表明用户正在大量撤回资金，表明信任度下降或出现财务问题。

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

币安储备金最大幅度下降了 15%，发生在 2022 年 12 月，即 FTX 崩盘后不久。

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

当时，币安因其准备金报告而面临相当大的批评和不信任。

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

不过，币安的储备金已经恢复，目前仅下降了 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现小幅下跌，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.

尽管自 FTX 崩盘以来，币安和 Bitfinex 等行业领导者已设法增加储备，但局势仍然紧张。

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

Coinbase 等一些主要参与者未能发布 PoR 报告，这表明实现完全透明的道路还很遥远。

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

但当前的储备动态表明希望改善和增加用户的信任。

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.

该专家在对 crypto.news 的评论中强调，FTX 的破产凸显了加密货币交易所需要证明自己拥有足够的储备。

“This event led to a shift where users

“这一事件导致了用户的转变