Binance Proof-of-Reserves Shows BTC Rise, ETH Drop
Binance’s 34th proof-of-reserves reveals more Bitcoin and USDT, but a decline in Ethereum holdings compared to last month.
- Binance holds 608,017 BTC, up 2.85% from last month
- Ethereum reserves dropped 4.70% to 4.34 million ETH
- USDT reserves rose 4.69% to 31.25 billion
Binance has published its 34th proof-of-reserves report, offering a transparent look at user asset holdings on the exchange. The snapshot, taken on September 1, highlights significant changes in the balances of Bitcoin, Ethereum, and Tether compared to the previous report on August 1.
The proof-of-reserves system is designed to reassure users that their assets are fully backed. Binance has been releasing these monthly updates as part of its transparency efforts following industry concerns about centralized exchanges.
Bitcoin and Tether Holdings Increase
According to the latest figures, Binance currently holds 608,017 BTC, an increase of 16,853 BTC or 2.85% compared to the previous month. This rise indicates growing Bitcoin deposits and possibly renewed user confidence in the exchange.
USDT, the world’s largest stablecoin, also saw a sharp rise. The exchange now holds 31.25 billion USDT, a 4.69% increase, representing an additional 1.4 billion tokens. The rise in stablecoin reserves suggests traders are preparing liquidity, possibly for upcoming market opportunities.
Ethereum Sees a Decline
In contrast, Binance’s Ethereum holdings fell by 214,079 ETH, a 4.70% drop, leaving the total at 4.34 million ETH. This decline may reflect user withdrawals or reallocation of funds into other assets.
The shift in Ethereum balances stands out, especially with the crypto market awaiting updates on Ethereum upgrades and growing activity in staking and DeFi.
What This Means for Users
Binance’s proof-of-reserves updates remain a key transparency measure for the exchange, showing how user assets are managed. The latest report reveals diverging trends: while Bitcoin and USDT holdings grew, Ethereum reserves contracted.
For traders and investors, these changes could signal shifting user strategies and preferences across major cryptocurrencies.
Read Also :
- BlockDAG’s X10 Miner Reviews Go Global: Real Hardware, Real Profits, and 3M+ Miners Make It a Presale Powerhouse
- Lion Group Swaps SOL & SUI for Hyperliquid (HYPE)
- Standard Chartered Predicts 50bps Fed Rate Cut Next Week
- Whale Wallets Scoop Up $323M in Ethereum on Kraken
- ETHZilla Reveals $443M in Ethereum Holdings
