Binance has recently divulged its most up-to-date asset reserve certificate — the eighth in the sequence — providing transparency into the company's holdings in various cryptocurrencies, with Dogecoin (DOGE), Solana (SOL) and Ripple (XRP) being notable examples.
Rounded figures of the exchange's net holdings are 11.6 billion DOGE, 31.2 million SOL and 2.7 billion XRP. These balances give a window into the dynamics of the cryptocurrency exchange market, particularly interesting in light of the decrease in Bitcoin (BTC) and Ethereum (ETH) holdings.
A comparison with the previous month indicates a decline in BTC holdings on Binance by about 3.6%, translating into a decrease of roughly 22,000 BTC.
Meanwhile, ETH deposits witnessed a drop of approximately 4.4%, equating to a reduction of around 192,000 ETH. In a contrasting trend, Binance Coin (BNB) holdings increased by about 6.6%, resulting in an added 2 million BNB.
Even with a reduction of nearly 9.45%, Tether (USDT) holdings managed to see a considerable increment, contributing an extra 1.6 billion USDT, demonstrating the shifting crypto preferences among Binance users.
Looking at DOGE, SOL and XRP, the ratios of customer net balances to Binance's net balances were approximately 104%, 101% and 104%, respectively, suggesting Binance holds a slightly larger amount of these assets than its users. This could be part of Binance's strategy to ensure sufficient liquidity and manage its risk profile effectively.
Keeping an eye on these fluctuations in cryptocurrency deposits and reserves across platforms like Binance is crucial for understanding broader market trends.
Denys Serhiichuk
Tomiwabold Olajide
