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The desk runs its own numbers and publishes its calls next to the account that trades them. The short route:
Gemini
US exchange · customer custody · @Gemini · @Gemini
The address cluster was truncated by the source at 100,000 addresses. The figure above is a lower bound, not a full measurement, anything held at addresses we do not know is absent.
This cluster is Gemini's exchange reserves: customer coin held in custody by a New York trust company, not the firm's own position. It is unusually BTC-heavy for a venue: bitcoin is roughly six of every seven dollars here, with ether making up almost all of the rest.
The desk's read
The shape says custody rather than trading. A venue that ran a large book would show stablecoin float, LP positions and spread across a dozen chains; Gemini shows bitcoin sitting still on Bitcoin, and ether sitting still on Ethereum. That is what a regulated custodian's balance sheet looks like when clients buy majors and leave them.
Read movement here as client flow, not as a call. Coin arriving means deposits; coin leaving means withdrawals or a move between the venue's own wallets. Neither is Gemini expressing a view, and both matter for supply: exchange balances falling has historically meant coin going to self-custody rather than to market.
The addresses behind this number come from Gemini's own reserve disclosures rather than from a label vendor, which is why the figure moved from nothing to billions when the source changed. The vendor sets pointed at drained hot wallets; the reserves were never there.
What they hold
Largest token positions on-chain data maps to this entity, by USD value.
| Asset? | Chain? | Value? |
|---|---|---|
| BTC | bitcoin | $4.37B |
| ETH | ethereum | $699.8M |
| LINK | ethereum | $50.6M |
| PEPE | ethereum | $11.4M |
| GUSD | ethereum | $10.6M |
| UNI | ethereum | $5.4M |
| SHIB | ethereum | $4.5M |
| MATIC | ethereum | $4.4M |
| USDC | ethereum | $3.4M |
| INJ | ethereum | $3.3M |
How to read a row → BTC · bitcoin · $4.37B: this entity's largest position is $4.37B of BTC held on bitcoin. Rows are sorted by USD value, so the top row is the biggest bet.
By chain
| Network? | Value? |
|---|---|
| bitcoin | $4.37B |
| ethereum | $820.8M |
| optimism | $595K |
| base | $196K |
| bsc | $150K |
How to read a row → bitcoin · $4.37B: $4.37B of the holdings live on bitcoin. Chains are ranked by value, so the top row is where most of the money sits.
Source: balances read directly from public chain RPCs, priced via DeFiLlama. USD-denominated, so they move with price as well as with flows. Updated 23 Aug 2026.
Other exchange (custody): Binance · OKX · Bitfinex · Robinhood
Not investment advice. Entity labels are on-chain attribution and can be imperfect; a labelled balance may mix personal, treasury and custody wallets. Large balances do not imply intent, some never move.