Binance users add 6,217 more Bitcoin as Ethereum balances drop – Details

In a recent update, Binance’s October Proof of Reserves (PoR) data shows that users were more inclined towards Bitcoin [BTC] on the exchange.

Meanwhile, their holdings of Ethereum [ETH], Tether [USDT], and Binance [BNB] declined between the 1st of September and the 1st of October.

Changes in Binance’s October PoR

As per Binance’s report, user BTC holdings rose 0.91% to about 688,600 BTC, meaning users collectively added roughly 6,217 BTC to their Binance balances. In contrast, ETH holdings fell 4.61% to around 3.799 million ETH, a decline of approximately 183,600 ETH.

At the same time, USDT holdings also declined 0.87% to roughly 32.03 billion USDT, meaning users held about 280 million fewer USDT than a month earlier. Meanwhile, BNB holdings decreased 0.77% to approximately 43.04 million BNB, down around 334,200 BNB.

All in all, the data shows a shift in the composition of assets held by Binance users, with Bitcoin becoming more prominent while ETH, USDT, and BNB balances decreased. However, PoR is essentially a snapshot of assets held for users at a particular point, not a direct measure of buying or selling pressure.

Price action and more

This comes as Bitcoin traded at $83,448.55 at press time after a drop of 3.2% in the past 24 hours. Whereas Ethereum was trading at $2,573.66 after a drop of 5.0%, while BNB was down 2.4% over the same period.

All of this coincided with Binance’s MiCA licensing setback in the EU, which was reportedly influenced by ECB President Christine Lagarde.

According to AMBCrypto’s recent report, Lagarde allegedly intervened to stop Greece’s regulator from approving the exchange’s application amid concerns that USD-based stablecoins could undermine the Digital Euro.

Final Summary

• Binance’s October Proof of Reserves (PoR) shows a rise in Bitcoin holdings.
• Meanwhile, there was a drop in ETH, BNB, and USDT holdings.