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The desk runs its own numbers and publishes its calls next to the account that trades them. The short route:
KuCoin
Global exchange · customer custody · @kucoincom · @kucoincom
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 KuCoin's exchange reserves, client deposits in custody. Unlike the BTC-heavy venues, it reads as a stablecoin book: tether dominates, ether follows, and the weight sits on Ethereum with a second pocket on BSC.
The desk's read
A stablecoin-led mix is what an active trading venue looks like from the outside. Clients park USDT to trade rather than to hold, so the balance turns over faster than a custodian's and tells you more about activity than about conviction.
The split across Ethereum and BSC is a routing decision, not a market view: the same dollar moves to whichever chain is cheaper for deposits and withdrawals at the time. Treat a shift between the two as plumbing.
These addresses came from proof-of-reserves-derived data rather than from Etherscan tags. The tagged wallets were nearly empty; the reserves were somewhere nobody had labelled.
What they hold
Largest token positions on-chain data maps to this entity, by USD value.
| Asset? | Chain? | Value? |
|---|---|---|
| USDT | ethereum | $533.8M |
| ETH | ethereum | $233.6M |
| BSC-USD | bsc | $78.4M |
| USDC | ethereum | $43.7M |
| USDT0 | arbitrum_one | $33.7M |
| BNB | bsc | $28.5M |
| UB | bsc | $27.6M |
| LINK | ethereum | $23.3M |
| TEL | ethereum | $22.7M |
| VELVET | bsc | $16.7M |
How to read a row → USDT · ethereum · $533.8M: this entity's largest position is $533.8M of USDT held on ethereum. Rows are sorted by USD value, so the top row is the biggest bet.
By chain
| Network? | Value? |
|---|---|
| ethereum | $1.10B |
| bsc | $254.3M |
| arbitrum_one | $54.7M |
| base | $26.4M |
| polygon | $14.3M |
| avalanche | $13.9M |
How to read a row → ethereum · $1.10B: $1.10B of the holdings live on ethereum. 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.