Binance, the largest crypto exchange, has recently published details concerning assets it holds for users in line with its ongoing transparency practices.
This latest publication is the 22nd in the series of its monthly proof of reserve report concerning users’ deposits. The report highlights notable declines in crypto assets stored on the exchange between August and September.
Binance Bitcoin Holdings
As of September 1, Binance’s Bitcoin holdings for customers stand at 605,690 BTC tokens valued at over $33.44 billion, going by $55,200 per token. Its total Bitcoin holding, including customer balances, amounts to 647,106 BTC, resulting in a collateralized ratio of 106.84%.
Of this figure, 626,734 BTC are under the exchange’s watch, while 20,371 tokens are under third-party custody.
As of August 1, Binance’s customer Bitcoin balance was 613,470 BTC, worth approximately $42.4 billion at the peak value that month. The current figure represents a decrease of 7,780 BTC or a 1.27% drop month-to-date.
Regarding Ethereum, the amount held for users has declined more significantly, by 4.58%. As of August, Binance held over 4.7 million ETH tokens in customer deposits, but this figure has decreased to 4.48 million ETH, representing a decrease of 215,517 ETH.
Users Withdrew More XRP from Binance
Looking at other prominent altcoins like XRP, a notable decline is also observable in the number of tokens present compared to the first of August. As of September 1, Binance held approximately 2.756 billion XRP for users.
Meanwhile, on August 1, Binance held 2.93 billion XRP, reflecting a drop of 5.97%. This suggests that users withdrew more XRP from Binance in the past month, possibly transferring to other trading platforms or moving to self-custody.
Shiba Inu and Dogecoin Holdings
A similar trend is observed in the meme coin sector. Binance now holds 59.81 trillion Shiba Inu tokens, compared to 61.21 trillion in August, representing a decrease of approximately 2.3% in customer deposits over the month. Similarly, Binance’s Dogecoin holdings have decreased from 13.71 billion to 13.12 billion in one month.
Stablecoins and BNB
Interestingly, while deposits for volatile crypto assets have declined, customer deposits in the USDT stablecoin increased by 4.34%, rising from $21.19 billion in August to $22.22 billion in September.
It is also worth noting that BNB deposits on Binance also increased slightly by 0.42% from last month.
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Source: https://thecryptobasic.com/2024/09/09/bitcoin-xrp-and-shiba-inu-deposits-fall-on-binance-amid-shift-to-stablecoins/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-xrp-and-shiba-inu-deposits-fall-on-binance-amid-shift-to-stablecoins