Binance Users Shift from Ethereum to Bitcoin in September 2026

In September 2026, Binance users increased their Bitcoin holdings by nearly $537 million, while their Ethereum holdings decreased by about $499 million. This shift raises questions about whether traders are selling ETH to buy BTC. The data comes from Binance's proof of reserves, which compares what the exchange holds in its wallets with customer deposits.

Bitcoin was the only major asset where customer balances grew, rising 0.91% to about 688,573 BTC. Ethereum balances dropped 4.61%, while Tether’s USDT stablecoin slipped 0.87%. Binance’s own token, BNB, saw a 0.77% decline in customer holdings.

The report does not explain why customers favored Bitcoin over Ethereum. However, Bitcoin’s price climbed nearly 47% from its July low, and bearish sentiment around Ethereum surged as October began. Social media posts about ETH were overwhelmingly negative, marking the weakest sentiment since June 7, according to analytics firm Santiment.

Despite the shift on Binance, Wall Street investors continued buying both assets. US spot Ethereum ETFs took in about $850.8 million over seven days in late September, while Bitcoin funds drew roughly $3.08 billion over nine sessions. Binance holds more than 100% of customer deposits in each of its eight listed assets, though the surplus varies by asset.