Binance has released its latest Proof of Reserves report revealing mixed results across major cryptocurrencies. Ethereum reserves dropped nearly 10% while Bitcoin and USDT recorded positive trends.
Decline in Ethereum Reserves
The August report indicates that Ethereum experienced the largest percentage drop in Binance’s reserves. Holdings decreased from 5,051,997 ETH to 4,555,014 ETH over the month, a drop of 496,984 tokens. Customer net balances for ETH now total 4,555,013.724 tokens.
Rise in Bitcoin and USDT Reserves
In contrast, Bitcoin holdings increased by 2.99%, rising from 573,997 to 591,164 tokens. Binance now holds 608,639.998 BTC. USDT reserves also saw a 0.87% increase, reaching 30,533,445,782.942 tokens. These positive changes offset the decline in Ethereum.
Varied Performance of Altcoins
The report also covers performance of various altcoins. USDC shows the highest coverage ratio at 156.12%, while DOGE and SHIB also exhibited resilience at over 100%. Overall, the data indicates Binance maintains adequate reserves across its full token range.
The Binance Proof of Reserves report highlights the dynamics of the cryptocurrency market, where reserve changes can vary based on market conditions, demonstrating both the resilience and vulnerabilities of individual assets.
