According to the 32nd proof of reserves report, Binance analyzed asset status and capital migration among investors. The data reveals significant changes in cryptocurrency holdings.
Current Bitcoin Reserves on Binance
As of July 1, Bitcoin reserves on Binance amounted to 573,997 BTC, a decrease of 3.27% from June's 593,412 BTC. The decline of 19,400 BTC may be linked to withdrawals, likely prompted by profit-taking from investors.
Ethereum Reserves Dynamics and Market Impact
Over the course of a month, Ethereum reserves on Binance dropped by 285,000 ETH, or 5.34%, to 5.05 million ETH. Although this reduction represents only 0.2% of the total Ethereum supply, it may signal long-term accumulation trends, especially against the backdrop of improving ETH price dynamics.
Changes in USDT Reserves and Trading Trends
While Ethereum and Bitcoin reserves were decreasing, USDT reserves increased by over $760 million, or 2.64%, reaching nearly $29.6 billion. This uptick may suggest that investors are temporarily parking their funds in Tether in anticipation of future volatility.
Overall, the reserves dynamics and withdrawals at Binance confirm the presence of accumulating trends for Ethereum and steady changes in other assets. Investors should remain vigilant for further liquidity reductions and potential market breakouts.
