Binance has sold nearly three months of profits into U, preparing for winter?

It seems that every periodic reserve report reveals interesting insights. I remember when it was released in February, everyone noticed that Binance's excess reserves (i.e., Binance's own funds) were almost entirely depleted except for USDC. The big fish @bitfish1 pointed out that it was used for shareholder dividends, reflecting profits accrued earlier this year.

Today, Binance updated the reserve report for May, let's take a look at the changes in their own funds over the past three months:

🟢 $BTC: Increased by 9,729 coins ($963,171,000)

🟢 $ETH: Increased by 8,033 coins ($15,262,700)

🟢 $USDT: Increased by 324,667,715 coins

🟢 $BNB: Increased by 15,913 coins ($9,706,930)

🔴 $SOL: Decreased by 2,453 coins ($367,950)

🔴 $XRP: Decreased by 14,501,682 coins ($31,613,666)

🟢 $USDC: Increased by 1,696,637,283 coins

Aside from BTC and stablecoins, the reserves of other assets have hardly increased and some have even decreased. Don't be fooled by the nearly $10 million growth in ETH & BNB; it's important to know that Binance's spot trading fees are charged based on the trading pair, so the actual amount is far greater. It seems they have basically sold off most holdings, which is quite consistent with the current market trend — BTC stands out alone, but who knows if we will still see a flourishing market?