Binance’s 25th Proof of Reserves shows a drop in BTC and a rise in ETH and USDT
The post Binance’s 25th Proof of Reserves shows a drop in BTC and a rise in ETH and USDT appeared on BitcoinEthereumNews.com.
Binance’s 25th Proof of Reserves report shows strong reserve ratios for Bitcoin (108.21%), Ethereum (102.68%), and Tether (108.96%). These reports, now regularized by Binance and other exchanges, are a bid to prove user funds are fully backed and accessible, building trust after the FTX collapse. Binance released its latest Proof of Reserves report on Tuesday, providing users with a detailed overview of its asset reserves as of December 1, 2024. The result paints a trend with major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) at this stage of the market cycle. Binance BTC reserve ratio surged to 108.21% As of the report’s snapshot date, Binance holds a Bitcoin reserve ratio of 108.21%, with 627,745.577 BTC in reserves compared to 580,111.242 BTC in user balances. This reserve ratio surpasses 100%, assuring that Binance reserves are more than enough to meet users’ withdrawal demands. Similarly, Binance’s Ethereum (ETH) reserves are strong, with a ratio of 102.68%. The exchange holds 5,078,355.565 ETH, while user balances total 4,945,692.541 ETH, ensuring the platform’s ability to manage withdrawals and maintain stability. Binance’s Tether (USDT) reserves also remain strong at 108.96%, the exchange’s ability to handle significant trading volumes in stablecoins, which is a critical component of the crypto market. The reserve ratio for Binance Coin (BNB) at 105.54%, This further shows Binance’s commitment to securing customer funds. By keeping reserve ratios above 100% for major assets. Changes in reserve holding The report also highlights changes in Binance’s asset holdings over the past month. Bitcoin reserves decreased by 4.68%, with user assets falling to 580,111 BTC from 608,586 BTC in the previous month. This drop of 28,475 BTC may shift in user behavior, as they increased withdrawals. On the other hand, Ethereum reserves have increased by 5.24%, reaching 4.945 million ETH. This growth of 246,174…
Filed under: News - @ December 10, 2024 10:26 pm