How Much Cryptocurrency Binance Holds, According to Their Latest Report

The October 2024 report offers a detailed snapshot of Binance's financial situation at a turbulent time for the crypto market.

Bitcoin (BTC), Ethereum (ETH) and USDT declined, while Binance’s native token, BNB, saw an increase, reflecting changes in the platform’s approach to asset management.

Between September and October 2024, Binance’s Bitcoin reserves showed a 1.58% decline, a decrease of 9,577 BTC, leaving the platform with 596,000 BTC.

Binance released the 23rd proof of reserves (snapshot date October 1). User BTC assets are 596k, down 1.58% from September 1; user ETH assets are 4.425 million, down 1.37%; user USDT assets are 21.41 billion, down 3.16%.https://t.co/jGCPnwd2PR pic.twitter.com/aHJq4Nd3Tj

— Wu Blockchain (@WuBlockchain) October 8, 2024

Similarly, Ethereum’ s holdings are down 1.37%, amounting to a drop of over 61,000 ETH. The most significant decrease was seen in USDT, with a decrease of 3.16%, equating to $698 million.

These declines may indicate a rebalancing or withdrawal phase by clients, reflecting the broader volatility in the cryptocurrency market.

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On the other hand, Binance’s BNB reserves grew by 2.17%, which equates to an additional 882,454 tokens. This increase highlights Binance’s focus on its native token as part of its long-term vision. BNB plays a key role in the Binance ecosystem, contributing to everything from transaction fee payments to governance, and the growth in inventory reflects confidence in the token amid market uncertainty.

These changes in asset reserves highlight Binance’s flexibility in responding to market conditions. The decline in BTC, ETH and USDT, along with the increase in BNB stocks, suggests that Binance may adjust its strategy to prioritize its native token, while taking into account changing user demands for other cryptocurrencies.

Alexander Stefanov