Binance Users Add 16,349 BTC as Ethereum and USDT Holdings Decline

Binance users continued to add Bitcoin to their accounts in August, increasing their holdings by approximately 16,349 BTC. This marks the third month of rising customer Bitcoin balances.

The total user Bitcoin balance now stands at around 657,000 BTC, a 2.55% increase from July's snapshot. Ethereum and USDT holdings, on the other hand, declined in August. User ETH balances fell by approximately 105,154 tokens, or 2.57%, to about 3.98 million ETH.

USDT balances also dropped, reaching around 32.9 billion tokens, a decline of roughly 870 million USDT from July's snapshot. Binance reported reserve ratios of 100.25% for both BTC and ETH, with a higher reported ratio of 103.62% for USDT.

The Proof of Reserves system uses Merkle trees and zero-knowledge proofs to verify user assets on a 1:1 basis, providing customers with the ability to compare their records with the published Merkle root. The next publication is expected around September 1, although Binance has not confirmed this timing.