Binance's latest proof-of-reserves report shows customer Bitcoin holdings rose to approximately 640,295 BTC as of July 1, a 1.22% increase of 7,715 BTC from the June 1 baseline. This marks the third consecutive monthly increase in the exchange's reported BTC balance, extending a multi-month accumulation pattern.
ETH and USDT balances decline
Ethereum holdings on Binance fell 1.41% to roughly 4.086 million ETH, a drop of 58,591 ETH over the month. The decline follows a sharp 10.17% jump in May, suggesting the June pullback may be a partial reversal rather than a structural exit from Ethereum. USDT balances dropped for a second consecutive month, falling 1.51% to approximately 33.7 billion USDT, about 510 million tokens lower than the June 1 reading. The prior month had already shed roughly 460 million USDT.
Interpreting the data
The ETH/BTC dynamic is consistent with ongoing capital rotation into Bitcoin, though on-chain data alone cannot confirm that thesis. The proof-of-reserves report relies on point-in-time snapshots using Merkle Trees and zero-knowledge proofs, allowing customers to verify their balances. However, it cannot explain whether the BTC increase came from direct purchases, deposits, asset conversions, or internal transfers. Rising BTC on an exchange can signal accumulation but also places more supply closer to the market.
Cross-exchange alignment
Similar BTC-up, USDT-down patterns appeared in recent reserve snapshots from Bybit and OKX, suggesting the rotation is not Binance-specific. This plausibly reflects a broader shift in trader allocation across major spot venues heading into the second half of 2026. Declining USDT holdings reduce the visible pool of on-exchange dry powder, which may amplify price moves around key levels or macro catalysts.