Binance’s Bitcoin Reserves Remain Stable as “FTX‑2.0” Rumours Swirl – Analysts Say No Immediate Red Flags
February 4 2026 – CoinDesk/cryptonews
Summary – On‑chain data released by blockchain analytics firm CryptoQuant shows that Binance’s Bitcoin holdings have barely changed since the end of 2025, despite a recent dip in the price of the leading cryptocurrency and a surge of social‑media chatter warning of a “FTX‑2.0” scenario. The exchange’s spokesperson highlighted the threat posed by coordinated misinformation campaigns, while industry figures such as OKX founder Star Xu continue to criticize Binance’s role in past market turmoil.
On‑chain metrics point to a solid reserve position
- BTC balance – CryptoQuant reports that Binance controls roughly 659,000 BTC, a figure that is virtually identical to the 657,000 BTC reported at the close of 2025.
- Reserve erosion – The firm found “no material reserve erosion” during the latest Bitcoin sell‑off, which saw the price briefly fall below $74,000 on Tuesday.
- Market context – The price movement occurred amid broader market volatility and a recent outflow of roughly $272 million from Bitcoin ETFs, pushing total ETF assets under $100 billion for the first time since April 2025.
CryptoQuant’s assessment suggests that Binance’s on‑chain liquidity remains robust, contradicting narratives that the exchange is on the brink of a liquidity crisis similar to the 2022 FTX collapse.
Coordinated social‑media posts fuel speculation
Over the past two days, multiple X (formerly Twitter) accounts with the pattern “BNB” in their usernames posted identical statements such as “I decided to close my Binance account.”
- Accounts involved – Users named Wei BNB, Hao BNB and Wang BNB posted the same text and used matching avatar images.
- Behavioral flags – Their posting timelines, naming conventions and avatar reuse indicate a high likelihood of coordination or inauthentic activity. Earlier tweets from these handles show they were active well before the recent surge, suggesting the accounts may have been repurposed.
Binance co‑founder Changpeng Zhao (CZ) condemned the posts as “bad behavior” and reiterated that the platform welcomes constructive criticism. A Binance spokesperson added that the ease with which bad actors can mass‑produce identical narratives poses a serious “misinformation” threat to the industry.
Authentic criticism from rival executives
Not all negative commentary stems from suspicious accounts. Star Xu, founder and CEO of rival exchange OKX, used his X account to argue that Binance was a key factor in the October 10 2025 mass liquidation that wiped out billions across the crypto market. Xu cited:
- High‑risk marketing – Aggressive promotion of Binance’s USDe stablecoin.
- Excessive leverage – Leveraged positions that amplified price swings and forced liquidations.
While Xu stopped short of assigning direct blame, he called for higher standards of transparency and risk management across the industry.
Market reaction and broader implications
The contrast between on‑chain data and the flood of social‑media claims underscores a persistent challenge for crypto exchanges: reconciling hard‑chain metrics with volatile market sentiment. Analysts note several takeaways:
| Takeaway | Explanation |
|---|---|
| Reserve stability | Binance’s Bitcoin holdings have not materially shifted, indicating sufficient on‑chain liquidity to cover user withdrawals in the short term. |
| Misinformation risk | Coordinated social‑media campaigns can quickly amplify fears, potentially prompting unnecessary withdrawals and market pressure. |
| Regulatory scrutiny | Ongoing criticism from industry peers may invite additional oversight, especially concerning leverage products and stablecoin issuance. |
| Investor focus | Users should prioritize verifiable on‑chain data and official statements over unverified social‑media rumors. |
| Sector trust | The episode highlights the need for clearer communication channels between exchanges, analysts, and the broader crypto community. |
Outlook
While the current on‑chain snapshot suggests Binance is not facing an immediate liquidity crunch, the episode illustrates how quickly market perception can shift in a hyper‑connected environment. Observers will likely continue monitoring CryptoQuant and similar analytics platforms for any significant changes in Binance’s reserve composition, especially as Bitcoin’s price volatility persists.
The exchange’s ability to effectively counter coordinated misinformation and address legitimate concerns about market practices will be pivotal in maintaining confidence among traders and regulators alike.
Key Takeaways
- Binance holds roughly 659,000 BTC, unchanged from the end of 2025, indicating strong reserve health.
- A wave of coordinated X posts warning of “closing Binance accounts” appears to be inauthentic and may be aimed at stoking panic.
- Legitimate criticism remains, focusing on Binance’s past promotional tactics and leverage exposure.
- The incident reinforces the importance of on‑chain data and transparent communication in a market prone to rapid sentiment swings.
The information in this article is based on publicly available data and statements as of February 4 2026. Readers are advised to conduct independent verification before making investment decisions.
Source: https://cointelegraph.com/news/analyst-binance-reserves-steady-ftx-2-claims-manipulated-accounts?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
