Binance USDT holdings drop 7.95% in latest proof of reserves
The snapshot also showed a 3.8% fall in ETH and a modest 0.52% rise in BTC holdings.
Key takeaways
- 1USDT holdings fell 7.95% to 29.48 billion USDT
- 2BTC holdings rose 0.52% to 692,187 BTC
Binance’s proof‑of‑reserves snapshot dated 31 October shows its user USDT balance fell 7.95 percent to 29.48 billion USDT, according to Wu Blockchain. The snapshot, part of Binance’s regular transparency practice, was posted on the exchange’s official channel on 2 November.
The same snapshot recorded a 0.52 percent rise in BTC holdings, up 3,614 BTC to 692,187 BTC. ETH balances dropped 3.80 percent, down 144,217 ETH to 3,654,919 ETH, while BNB fell 0.93 percent to 42,638,276 BNB. Overall, the exchange’s total on‑chain assets remain above $2 trillion, driven by its dominant market share.
Binance is the world’s largest crypto exchange, and its proof‑of‑reserves reports aim to reassure users about asset backing. The USDT decline follows a 29 October freeze of $971 million in USDT linked to a suspected Binance breach, a situation YourKhabri reported earlier. USDT, the stablecoin issued by Tether, is widely used for trading and payments, making its reserve levels a key market metric.
The shrinking USDT pool may signal continued user withdrawals or tighter on‑chain liquidity, prompting traders to watch future reserve disclosures. Regulators in multiple jurisdictions are watching the exchange’s liquidity metrics, and any further dips could trigger compliance reviews. Observers will also monitor any further security notices from Binance or Tether as the situation develops.
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