Bitcoin News Today: Binance Reserves Report Shows 3 Over 3 3 Bitcoin Rise and 9 84 Ethereum Drop

Binance has released its latest reserves report, continuing its commitment to transparency following the collapse of FTX in 2022. The report, the 33rd in an ongoing initiative to disclose on-chain reserve data, shows rising user confidence, marked by significant increases in Bitcoin and USDT balances [1].

According to the report, user-held Bitcoin on the platform now totals over 591,000 BTC, reflecting a nearly 3% increase from the previous report. USDT balances have also grown by 0.87%, reaching a total of 29.85 billion tokens. BNB holdings rose slightly, with a 0.38% increase to approximately 40 million coins. However, Ethereum balances experienced a 9.84% decline, dropping to 4.55 million ETH, potentially signaling a shift in user preference toward other assets [1].

Binance remains overcollateralized for key tokens, with Bitcoin reserves covering 102.96% of user deposits, USDT at 102.27%, and ETH at 100.67%. BNB is the most overcollateralized, at 111.74%, reinforcing the platform's solvency [1]. The report also includes reserve data for a range of tokens, including Solana (SOL), Ethena (ENA), Hedera (HBAR), NEAR, Pepecoin (PEPE), SUI, FDUSD, and meme tokens like TRUMP and WIF, showcasing the diversity of assets in user portfolios [1].

The transparency initiative was launched to address concerns over centralized exchange solvency and has become a key differentiator for Binance in a post-FTX market. While skepticism toward centralized platforms persists, Binance continues to leverage its regular reserve disclosures as a tool to build and maintain trust [1].

The report is part of a broader trend among crypto exchanges to increase visibility into their financial health. As users demand more accountability, the frequency and scope of reserve disclosures may become increasingly important for exchanges seeking to retain user trust and market share [1].

Source: [1] New Binance Reserves Report Just Dropped – Here’s What Changed (https://coinmarketcap.com/community/articles/6894814ac4aa384a36ed217c/)