Binance maintains steady Ethereum reserves, ramps up Bitcoin holdings

quick take

  • Binance has come under intense scrutiny over the past week after the CFTC alleged that Binance violated trading and derivatives rules.
  • CryptoSlate has taken a deep dive into Binance’s Proof of Reserve (POR). This refers to the on-chain reserves officially disclosed by the exchange.
  • Bitcoin reserves increased by almost 70,000 BTC. His ETH balance is almost flat YTD.
  • Three major stablecoins have seen their allocations drop at Binance’s POR since the beginning of the year.
  • BUSD lost over $6 billion, USDC $600 million and USDT $1.8 billion.
  • As the macro environment is expected to face further turmoil, an additional allocation to Bitcoin would be an excellent war game for Binance.
BTC and ETH POR: (Source: Glassnode)
Stablecoin POR: (Source: Glassnode)
Stablecoin POR: (Source: Glassnode)

A post about Binance maintaining stable Ethereum reserves and increasing Bitcoin holdings first appeared on CryptoSlate.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button