Tech

Binance Proof of Reserves fall by $3.5B in 24 hours

12/14/2022
Bitcoin Ethereum News
Haru Invest

Over the last 24 hours, the Binance USD (BUSD) and Bitcoin (BTC) Proof of Reserves (PoR) have fallen by $3.45 billion, and $472.86 million respectively — according to Glassnode data analyzed by CryptoSlate.

Source: (Glassnode)

Within that same period. Binance PoR also witnessed approximately $1.86 billion in inflows of both USD Coin (USDC), and Tether (USDT). A margin decline in Ethereum (ETH) was also observed.

Binance’s PoR total USD currently sits below $40 billion, as can be observed below in the Glassnode chart below. This reveals a steep decline since the start of the year and a fall in PoR holdings of approximately $13.2 billion since Sept.

Source: (Glassnode)

Binance witnessed a sharp fall in late Nov. in both BTC PoR holdings and exchange balance holdings. In late Nov., BTC PoR holdings were 555,261 BTC, while exchange holdings were 656,361 BTC.

Source: (Glassnode)

Journalist at CryptoSlate

Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.

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Source: https://cryptoslate.com/binance-proof-of-reserves-fall-by-3-5b-in-24-hours/