Binance Reports Bitcoin Holdings Rise in October Reserves

Binance's October proof-of-reserves report reveals that user Bitcoin holdings grew by 0.91% since September 1, reaching approximately 688,600 BTC. This marks the only increase among the four assets tracked, with Ethereum, USDT, and BNB all showing declines. The data, compiled by Wu Blockchain, indicates a rise of 6,217 BTC in user holdings over the month.

While Bitcoin saw a modest uptick, Ethereum experienced the most significant drop, falling 4.61% to around 3.799 million ETH. This decline represents a loss of roughly 183,600 ETH from the previous snapshot. Similarly, USDT holdings decreased by 0.87%, totaling about 32.03 billion USDT, a reduction of 280 million USDT.

BNB holdings also decreased, though by a smaller margin of 0.77%, resulting in a balance of approximately 43.04 million BNB. This decline accounts for a loss of roughly 334,200 BNB from the September 1 snapshot. Across the board, Bitcoin was the sole asset to record an increase in user holdings, highlighting a shift in user preferences during the period.