Binance users add 6,217 more Bitcoin as Ethereum balances drop – Details

In a recent update, Binance’s October Proof of Reserves (PoR) data shows that users were more inclined towards Bitcoin [BTC] on the exchange.

Meanwhile, their holdings of Ethereum [ETH], Tether [USDT], and Binance [BNB] declined between the 1st of September and the 1st of October.

Changes in Binance’s October PoR

As per Binance’s report, user BTC holdings rose 0.91% to about 688,600 BTC, meaning users collectively added roughly 6,217 BTC to their Binance balances. In contrast, ETH holdings fell 4.61% to around 3.799 million ETH, a decline of approximately 183,600 ETH.

At the same time, USDT holdings also declined 0.87% to roughly 32.03 billion USDT, meaning users held about 280 million fewer USDT than a month earlier. Meanwhile, BNB holdings decreased 0.77% to approximately 43.04 million BNB, down around 334,200 BNB.

All in all, the data shows a shift in the composition of assets held by Binance users, with Bitcoin becoming more prominent while ETH, USDT, and BNB balances decreased. However, PoR is essentially a snapshot of assets held for users at a particular point, not a direct measure of buying or selling pressure.

Price action and more

This comes as Bitcoin traded at $83,448.55 at press time after a drop of 3.2% in the past 24 hours. Whereas Ethereum was trading at $2,573.66 after a drop of 5.0%, while BNB was down 2.4% over the same period.