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Binance maintains steady Ethereum reserves, ramps up Bitcoin holdings
Binance reinforces Bitcoin dominance with a major increase in reserves allocation.
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.
