Binance's October 31 proof-of-reserves shows user USDT holdings dropped 7.95% while BTC increased 0.52%, ETH fell 3.80%, and BNB declined 0.93%.
Macro & Markets ·
Binance's October 31 proof-of-reserves report revealed mixed movements across major asset classes held by users on the platform. User USDT holdings declined by 2.5 billion, representing a 7.95% decrease to approximately 29.5 billion USDT, while Ethereum positions contracted 3.80% and BNB dropped 0.93%. Bitcoin holdings were the sole exception, rising 0.52% to 692,187 BTC as users accumulated 3,614 BTC during the period.
The snapshot captures net inflows and outflows across Binance's reserves during the reporting window, with stablecoin withdrawals outpacing activity in other asset categories. The largest percentage shift occurred in USDT, suggesting either user redemptions, conversions to other assets, or changes in exchange holdings relative to user deposits.
The data does not indicate the underlying reasons for these shifts—whether they reflect market-driven repositioning, broader exchange flows, or user-initiated withdrawals. The directional divergence across asset types leaves unclear whether the USDT decline signals confidence in other assets or liquidity preferences unrelated to exchange-specific factors.