Binance has released its latest Proof of Reserves report indicating an increase in Bitcoin and Tether reserves and a decrease in Ethereum.
Growth of BTC and USDT Reserves
According to the report dated August 1, user Bitcoin (BTC) reserves are over 591,000 BTC, which is an increase of 2.99% since July 1. This accounts for a growth of approximately 17,100 BTC. Tether (USDT) reserves also saw a slight increase of 0.87%, with users now holding 29.85 billion USDT.
Decrease in ETH Reserves
In contrast, Ethereum (ETH) reserves experienced a significant decline. Users now hold 4.555 million ETH, which is down by 496,000 ETH, marking a decrease of 9.84% compared to the previous month.
Analysis of Changes in Reserves
The drop in ETH reserves suggests that some users may be selling or removing their ETH for direct staking or storing in private wallets. The increase in BTC and USDT indicates that some users might be preparing to trade while others prefer to keep their funds on Binance.
In conclusion, the Binance Proof of Reserves report reveals significant changes in cryptocurrency reserves, which could indicate a shift in user behavior on the platform.
