Binance, the world’s largest crypto exchange, has released its new proof-of-reserve report showing the ratio between customers’ net balances and that of the exchange. One of the highlights is the performance of XRP reserves on Binance, as they suddenly saw a significant increase. Additionally, the exchange’s holdings in its native token also increased.
Binance has released its 23rd Proof of Reserve report!
The crypto exchange has released the 23rd Proof of Reserves snapshot for October 2024. It showed significant changes in the exchange’s major crypto assets. Accordingly, Bitcoin (BTC), Ethereum (ETH) and USDT decreased. On the other hand, Binance’s native token BNB saw growth. Additionally, the performance of XRP reserves also attracted attention. This highlighted the company’s changing asset management strategy.
There were declines in major crypto assets
The report revealed that between September and October, Binance BTC holdings decreased by 1.58% to 9,577 BTC, leaving 596,000 BTC on the exchange. Ethereum reserves also took a hit, falling by 1.37%. This corresponds to over 61,000 ETH. USDT holdings saw the sharpest decline at 3.16%, with a drop of $698 million. These declines in the platform’s most important assets indicate a period of rebalancing or withdrawals that reflect broader market volatility. cryptokoin.comAs you follow from , the crypto market has experienced major fluctuations. This explains the decline in these leading tokens.
There was an increase in BNB and XRP assets
On the other hand, Binance’s BNB holdings increased by 2.17%, equivalent to the addition of 882,454 tokens. This growth in BNB reserves indicates that the exchange is placing greater emphasis on its native token as part of its long-term strategy. BNB continues to play a key role in the Binance ecosystem, from transaction fees to platform governance. Its increase therefore underscores confidence in the token amid broader market volatility.
Additionally, Binance customers’ cumulative net balance in XRP increased by 6% or 165,386,790.313 XRP, reaching a total of 2.92 million XRP. Binance, for its part, increased its net balance to match the increasing balance of its customers. Thus, it added over 330 million XRP to net balances, which is approximately $175 million at current prices. The coverage rate for XRP on Binance is currently 100.66%. In terms of net balances, XRP is currently the seventh largest asset.
Binance follows a dynamic strategy!
These asset changes demonstrate Binance’s ability to adapt to changing market conditions. The increase in BNB and XRP holdings, along with declines in BTC, ETH, and USDT, shows that it is managing user demand for other cryptos. It also points to a potential change of strategy on BNB’s part, prioritizing its own token. These fluctuations provide insight into the exchange’s changing priorities as Binance continues to update its Proof of Reserve.
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For the rest of the article, Binance Published Report: These 2 Coins Increased While BTC, ETH Decreased!