The report shows that users are increasing their Bitcoin holdings while the Ethereum balance on this platform is decreasing.
Proof of Reserves is Binance's public commitment to transparency. By regularly publishing these reports, the exchange provides users with a way to verify that their funds are fully secured. The data is collected using on-chain reserve snapshots compared to customer balances at a specific point in time.
Bitcoin And USDT Balances Increase As Ethereum Decreases
According to a recent report, Binance users held 591,000 BTC as of August 1, an increase of 17,100 BTC compared to the report on July 1. This figure marks a 2.99% increase in users' Bitcoin balances, indicating growing investor confidence in BTC despite recent price volatility.
This trend reflects the general market sentiment, as demand for Bitcoin from institutions is increasing amid speculation about global monetary changes and the possibility of approving ETF funds.
Meanwhile, the amount of USDT held also increased slightly. Binance users hold 29.85 billion USDT, an increase of 258 million USDT compared to the previous month. This increase of 0.87% indicates that the use of this stablecoin as a key asset for trading, holding, and navigating volatility continues. USDT remains an important part of cryptocurrency liquidity, serving as a bridge between the fiat money market and the digital market.
However, the amount of Ethereum holdings tells a different story. The ETH balance of users on Binance decreased by 496,000 ETH in July, down 9.84% to 4.555 million ETH. This decline may reflect users transferring ETH to staking platforms, DeFi protocols, or cold storage, as more and more investors seek profits or enhance security amid market volatility.
More Information About Binance
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