CoinGecko's Spot CEX Report 2026 reveals a stark divide in how exchanges use their reserves: retail-heavy platforms like Bybit and Bitget post volume-to-reserve ratios of 0.3-0.5, while institutional giants Coinbase, Binance, and Kraken sit around 0.1 โ€” meaning retail platforms trade their held assets 3-5x more actively. Total reserves across the top 12 CEXs grew ~70% from $152B to $225.4B since early 2024, with Binance doubling its holdings and smaller venues like Bitget (+262%) and MEXC (+275%) seeing massive inflows as capital migrates away from custody-focused platforms. The report also found that token listings remain a losing bet: only 32% of newly listed tokens trade above their listing price after 30 days, and fewer than 10% hold up after a year.

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