Binance has released its 45th Proof of Reserves report, showing user Bitcoin holdings of approximately 657,000 BTC as of an August 1 snapshot — a 2.55% increase compared with the previous snapshot taken on July 1. The figures were shared on X by crypto commentator @WuBlockchain, and the report is the latest in the exchange's recurring series of transparency disclosures.

Bitcoin Balances Rise While ETH and USDT Decline

According to the report, user Bitcoin holdings on the exchange increased by 16,349 BTC since the prior snapshot. Ethereum and Tether (USDT) balances moved in the opposite direction: ETH holdings fell 2.57% to approximately 3.98 million ETH, while USDT holdings dropped by roughly 870 million to about 32.9 billion USDT.

The mixed performance across Bitcoin, Ethereum, and USDT underscores how differently user balances moved from one snapshot to the next, at a time when major crypto assets are showing varied momentum across the broader market.

Key Figures From the Report

• User BTC holdings stood at approximately 657,000 BTC, up 2.55%.
• ETH holdings decreased to around 3.98 million ETH, down 2.57%.
• USDT holdings fell by about 870 million, totaling approximately 32.9 billion USDT.
• The data is based on an August 1 snapshot.
• The report is Binance's 45th edition of its Proof of Reserves disclosures.

The Role of Proof of Reserves

Binance is one of the largest cryptocurrency exchanges in the world, facilitating a significant volume of trades daily. Its Proof of Reserves report is a transparency measure intended to reassure users about the security of their assets and provide insight into the exchange's financial health. Binance introduced the program in November 2022, shortly after the collapse of exchange FTX prompted industry-wide calls for platforms to demonstrate that customer assets were backed. The system uses a Merkle tree construction, which allows individual users to verify that their own account balances are included in the published snapshot.

The format has known limits. Snapshot-based figures capture balances at a single point in time rather than a continuous, audited record, and the reports are not equivalent to a full financial audit — a distinction critics of Proof of Reserves disclosures have repeatedly pointed out. It is the roughly monthly cadence, reflected in the July 1 and August 1 snapshot dates, that lets the public track how holdings across major assets change over time.

The latest edition shows an increase in user Bitcoin balances compared with the July 1 snapshot, while ETH and USDT balances declined. As the crypto landscape evolves, the Proof of Reserves program remains a key part of Binance's efforts to maintain user trust, and the next snapshot will provide a further data point on whether the divergence between rising BTC holdings and declining ETH and USDT balances continues.

The information provided is for informational purposes only and should not be considered financial advice.

Source: Coinfomania