Recently, new data is confirming that Binance holds the largest Bitcoin (BTC) reserves. This has not happened suddenly; there has been a long process behind it.
The fabric of trust is woven by CZ.
Organizing events in different countries, daily communication on social media, multiple passive income opportunities, zero-free bitcoin trading facilities, etc. have made Binance attractive.
Less promotions by other exchanges
CZ did not face any competition. His top competitors were SBF and Brian Armstrong. SBF turned out to be a fraud, and Armstrong's policy of not updating frequently on social media made Coinbase less popular than Binance.
Grayscale Problem with Coinbase
Coinbase was by far the largest bitcoin reserve in the world. Coinbase also claimed to have 635K bitcoins from the Grayscale Bitcoin Trust in safe custody. Grayscale Bitcoin Trust is selling its promotional $GBTC at almost half price. This raised doubts among the people, which also reduced the value of bitcoin even more.
Panic Sale Transfers
Due to the sudden drop in the value of bitcoin, many people started panic selling. But it is necessary for every sale to go to the exchange platform, and due to the popularity of Binance, people transferred their bitcoins there, which led to the growth of bitcoin.
