Binance's 44th Proof of Reserves: Bitcoin Bags Get Heavier, ETH and USDT Get Lighter 🏋️

Binance's customer Bitcoin holdings climbed to approximately 640,295 BTC in June, adding 7,715 BTC for a 1.22% gain, according to the exchange's 44th proof of reserves report, which used a July 1 snapshot against a June 1 baseline. The increase marks the third consecutive monthly rise in the platform's reported BTC balance, extending a multi-month accumulation pattern based on consecutive monthly PoR updates.

Customer ETH balances moved in the opposite direction, falling 1.41% to roughly 4.086 million ETH, down 58,591 ETH over the month. That decline follows a sharp 10.17% jump in May, when ETH holdings rose to approximately 4.14 million ETH, placing the June pullback closer to a partial reversal of a prior spike rather than the start of a structural exit from Ethereum.

USDT balances declined for a second consecutive month, dropping 1.51% to approximately 33.7 billion USDT, roughly 510 million tokens lower than the June 1 reading of 34.3 billion. The prior month had already shed about 460 million USDT. Two consecutive months of stablecoin drawdown across the platform's largest reserve asset represents a measurable shift in available buy-side liquidity, even as the destination of those funds remains unconfirmed.

The report relies on a point-in-time snapshot methodology in which exchange reserves are recorded at a specific date and compared month-over-month. Binance uses Merkle Trees and zero-knowledge proofs to allow customers to verify whether their account balances are included in the total liabilities reported for each cycle, though the architecture does not identify the behavioral drivers behind monthly balance changes, including whether the BTC increase came from direct purchases, deposits from external wallets, asset conversions out of ETH or USDT, or internal wallet reshuffling.