Binance maintains steady Ethereum reserves, ramps up Bitcoin holdings

Quick Take

• Binance has been under heavy scrutiny for the past week since the CFTC claimed that Binance had breached its trading and derivatives rules.
• CryptoSlate did a deep dive into Binance's proof of reserves (POR), which refers to the on-chain reserves officially disclosed by exchanges.
• Bitcoin reserves have increased by almost 70,000 BTC; the ETH balance is fairly flat YTD.
• The three main stablecoins have seen a reduced allocation on Binance's POR since the start of the year.
• BUSD has dropped by over $6 billion, USDC has dropped by 600 million, and USDT has dropped by 1.8 billion.
• As the macro environment is expected to face further turbulence, extra allocation towards Bitcoin would represent a superior war chest for Binance.

Analyst View profile →

James Van Straten

Former Lead Analyst • CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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