Binance Users Flock to Bitcoin as Ethereum and Tether Holdings Decline

Binance's latest Proof of Reserves report reveals a mixed bag for its users. Bitcoin holdings have increased by 16,349 BTC to approximately 657,000 BTC, marking the third month in a row that this metric has grown.

This growth is a welcome change from previous months, but Ethereum and Tether (USDT) balances declined by 2.57% with ETH dropping to about 3.98 million and USDT falling to roughly 32.9 billion tokens.

Binance reported reserve ratios above 100% for BTC, ETH, and USDT, indicating that its reserves slightly exceed user liabilities. However, the report does not provide insight into the reasons behind these balance changes, such as deposits, withdrawals, or transfers.