Binance Proof of Reserves fall by $3.5B in 24 hours

Binance’s USD and BTC Proof of Reserves fall by $3.5 billion and 500 million, respectively, according to Glassnode data.

1 min read

Updated: December 14, 2022 at 2:40 pm

Cover art/illustration via CryptoSlate

Over the last 24 hours, the Binance USD (BUSD) and Bitcoin (BTC) Proof of Reserves (PoR) have fallen by $3.45 billion, and $472.86 million respectively — according to Glassnode data analyzed by CryptoSlate.

Source: (Glassnode)

Within that same period. Binance PoR also witnessed approximately $1.86 billion in inflows of both USD Coin (USDC), and Tether (USDT). A margin decline in Ethereum (ETH) was also observed.

Binance’s PoR total USD currently sits below $40 billion, as can be observed below in the Glassnode chart below. This reveals a steep decline since the start of the year and a fall in PoR holdings of approximately $13.2 billion since Sept.

Source: (Glassnode)

Binance witnessed a sharp fall in late Nov. in both BTC PoR holdings and exchange balance holdings. In late Nov., BTC PoR holdings were 555,261 BTC, while exchange holdings were 656,361 BTC.

Source: (Glassnode)

Go to Source
Author: Josh O’Sullivan

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet. Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.