In 2023, Binance Bitcoin reserves doubles, while stablecoins like BUSD and USDC reserves plummet drastically.
1 min read
Changes in Binance’s proof of reserves from January 2023 to october 2023.
Bitcoin – $9.4B to $17.5B.
ETH – $5.4B to $5.9B.
USDT – $3.8B to $5B.
USDC – $2.6B to $720k.
BUSD – $13B to 2B.
Data from 2023 show considerable changes in Binance’s proof of reserves, which is a formal declaration of the exchange’s on-chain holdings.
Binance reserves have doubled from $9.4 billion in January to $17.5 billion in October thanks to Bitcoin’s 60% rise. Through this boom, Bitcoin’s percentage in Binance’s reserves increased from 27% at the beginning of the year to about 50% by October.
BUSD, Binance’s own stablecoin, has experienced a sharp decrease, with its reserves falling from $13 billion to $2 billion. Despite the cryptocurrency’s 30% year-to-date increase, Ethereum reserve levels remained largely steady, marginally rising from $5.4 billion to $5.9 billion. The reserves of Tether (USDT) have increased from $3.8 billion to $5 billion, in stark contrast to USD Coin (USDC), which has decreased.
Binance has learned from FTX i guess.
Source – Glassnode.
submitted by /u/sadsissyphus
[link] [comments]
