Binance’s Latest Report Shows Decline in User Assets for September

In its latest proof-of-reserves report, Binance revealed a significant decrease in user assets for September, aligning with the broader downturn in the crypto market.

Decline in Bitcoin, Ethereum, and Tether Holdings

According to Binance’s 23rd proof-of-reserves report, the exchange experienced a notable decline in its Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) holdings. Specifically, Binance saw 9,577 BTC and 61,326 ETH leave the exchange last month, with these assets valued at $595 million and $148.5 million, respectively. Additionally, its USDT reserves decreased by 3.16%, dropping from $22.11 billion to $21.41 billion, indicating an outflow of nearly $700 million.

Increase in BNB Holdings

Despite the outflows in BTC, ETH, and USDT, Binance recorded a 2.17% increase in its BNB holdings. The exchange’s BNB reserves rose from 40.7 million BNB to 41.5 million BNB within the same period.

Broader Market Trends

Binance is not the only exchange experiencing a decline in digital asset reserves. Data from Coinglass indicates that other major exchanges like Kraken, Bitfinex, and Bybit also saw significant outflows of 19,553 BTC, 9,848 BTC, and 4,982 BTC, respectively, over the past 30 days. Conversely, Bithumb recorded an inflow of 3,017 BTC during this period.

Market Share and Trading Volumes

According to a report from early October, Binance’s market share has dropped to levels last seen in 2020. The exchange’s spot and derivatives trading volumes decreased by 21% and 23% in September, respectively. Currently, Binance holds a 27% share of the total spot trading volume and a 40% share of the derivatives market.

Other exchanges also witnessed shifts in market share. Upbit and OKX experienced notable declines, while Crypto.com boosted its stake by 8%, reaching a 10.5% market share.

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