Binance’s BTC, ETH, USDT balances declined in September

Binance’s latest proof-of-reserve report shows a significant decline in user assets in September as the crypto market hovered in the red zone.

According to Binance’s 23rd PoR report, the exchange’s Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) holdings decreased in September.

Binance saw 9,577 BTC and 61,326 ETH leave the exchange last month. Each of these assets are worth $595 million and $148.5 million, respectively. USDT reserves also decreased by 3.16%, from $22.11 billion to $21.41 billion, indicating an outflow of almost $700 million.

Binance, on the other hand, recorded a 2.17% increase in BNB (BNB) holdings, rising from 40.7 million BNB to 41.5 million BNB in ​​the said time period.

Binance’s total crypto assets are worth over $106 billion.

Binance is not the only one witnessing a decline in digital asset reserves. According to data provided by Coinglass, Kraken, Bitfinex, and Bybit also saw 19,553 BTC, 9,848 BTC, and 4,982 BTC leave the platforms, respectively, in the last 30 days.

However, Bithumb recorded an inflow of 3,017 BTC in the last 30 days, according to Coinglass.

According to the crypto.news report published on October 3, Binance’s market share fell to 2020 levels, with spot and derivative transaction volumes decreasing by 21% and 23% in September.

According to the report, the stock exchange has a 27% share in the total spot transaction volume and a 40% share in the derivatives market.

While Upbit and OKX also witnessed significant declines in their respective market shares, Crypto.com increased its stake by 8% to 10.5%.