As a seasoned researcher who has been observing the cryptocurrency market for quite some time now, I find the recent developments at Binance intriguing. The decline in user assets, particularly in Bitcoin, Ethereum, and Tether, is a shift that warrants attention. However, it’s not unusual to see such fluctuations in this volatile market.
According to Binance‘s recent proof-of-reserves report, there has been a significant reduction in users’ assets during September, which coincides with the cryptocurrency market spending time in the negative territory.
Based on Binance’s 23rd Proof of Reserves report, it appears that the platform saw a decrease in its holdings of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) during the month of September.
Last month, a total of approximately 9.58 billion dollars’ worth of Bitcoin (equivalent to 9,577 BTC) and around 148.5 million dollars’ worth of Ethereum (equivalent to 61,326 ETH) were withdrawn from Binance. Moreover, the exchange’s USDT reserves experienced a decrease of about 3.16%, which translated into an outflow of close to $700 million, dropping from $22.11 billion to $21.41 billion.
During the specified period, I observed an uptick of approximately 2.17% in my Binance-held BNB, growing from 40.7 million to 41.5 million BNB.
Binance’s total crypto assets are worth over $106 billion.
Besides Binance, other major cryptocurrency exchanges like Kraken, Bitfinex, and Bybit have also experienced a decrease in their Bitcoin reserves. According to Coinglass data, these platforms collectively lost approximately 34,223 BTC over the last 30 days, with Kraken losing 19,553 BTC, Bitfinex losing 9,848 BTC, and Bybit losing 4,982 BTC.
Bithumb, however, recorded an inflow of 3,017 BTC in the last 30 days, per Coinglass.
Based on an article published on October 3rd at crypto.news, Binance’s market influence dipped back down to where it was in all of 2020 due to a 21% decrease in spot trading volumes and a 23% reduction in derivatives trading volumes during the month of September.
According to the report, the exchange controls approximately a quarter (27%) of the overall spot trading activity, while holding about four out of every ten transactions (40%) in the derivatives market.
Additionally, Upbit and OKX experienced significant drops in their market share, whereas Crypto.com saw an increase of 8% and now holds a 10.5% stake.
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2024-10-08 11:10