Ethereum Holdings Declined While Bitcoin and USDT Stabilized

Crypto news reports that in Binance’s 10th proof-of-reserves (POR) update, Ethereum (ETH) holdings experienced a decline, while Bitcoin (BTC) and Tether (USDT) remained stable or saw slight increases.

This latest POR was released amidst liquidity concerns, providing transparency regarding customer assets and holdings. The data indicates a mixed trend: while Bitcoin and Tether deposits have remained steady or slightly increased, Ethereum holdings fell by 4.3%.

Specific figures show that Binance holds approximately 588,000 BTC and around 3.89 million ETH, reflecting the noted decrease in Ethereum. Additionally, the exchange reported $15.44 billion in USDT, marking a 1% increase.

The report also highlighted that Binance has 4.71 million ETH and 276,215 BTC stored in cold storage, alongside user deposits of 1.18 million ETH and 311,821 BTC on the BNB Chain. Binance’s reserves include $13.6 billion in USDT, compared to $1.86 billion held by users on the BNB Chain.

Despite the relative stability in Bitcoin deposits, the decline in Ethereum assets and the increase in USDT holdings suggest a shift in user sentiment, likely influenced by market conditions or the perceived stability of different assets.

In recent weeks, concerns about Binance’s market position have been on the rise. The unexpected departures of several high-profile executives, coupled with regulatory scrutiny, the halting of BUSD, and the end of partnerships with major companies like VISA and Mastercard, have contributed to uncertainty.

The POR not only affirms Binance’s financial health but also sheds light on asset allocation trends among its extensive user base. This commitment to transparency and asset security reinforces Binance’s credibility in a competitive and often volatile market.