Binance Updates May Reserve Proof, Revealing Intriguing Changes in Self-Owned Assets

According to previous reports, the reserve proof published in February of this year revealed that the cryptocurrency exchange Binance saw a significant decrease in its holdings of Bitcoin (BTC), Ethereum (ETH), and SOL during January, while substantially increasing its holdings of the US dollar stablecoin USDC. In this regard, Discus Fish, the founder of the Bitcoin mining pool F2Pool and digital asset custodian Cobo, commented that these changes in holdings may be attributed to profit-taking at the beginning of the year, a similar situation occurred in June 2023 (when fines were paid) and in February 2024.

It is well-known that the fees charged by exchanges are calculated based on trading pairs (for instance, trading Bitcoin incurs fees in Bitcoin), therefore, Binance’s revenue is actually composed of various cryptocurrencies.

If we take the reserve report from February of this year as a benchmark and compare it to the updated report from this month, we can observe that Binance has not only failed to increase its surplus reserves of many altcoins but has actually seen a decrease.

According to statistics from on-chain analyst Ai Yi, the changes in Binance’s own funds over the past three months are as follows:

• BTC: Increased by 9,729 coins ($963,171,000)
• ETH: Increased by 8,033 coins ($15,262,700)
• USDT: Increased by 324,667,715 coins
• BNB: Increased by 15,913 coins ($9,706,930)
• SOL: Decreased by 2,453 coins ($367,950)
• XRP: Decreased by 14,501,682 coins ($31,613,666)
• USDC: Increased by 1,696,637,283 coins

From the above changes, it is evident that the primary assets Binance has increased its holdings of are Bitcoin and stablecoins, while the increase in other cryptocurrencies is relatively minor or even shows a decrease. This indicates that Binance, as an industry leader, still leans towards conservative choices in its holdings, reflecting the current market situation where Bitcoin stands out alone.