Binance users increased their Bitcoin holdings by 7,715 BTC in June, while Ethereum and Tether balances declined, according to the exchange's 44th proof-of-reserves report. The snapshot, taken on July 1, showed customer BTC balances rose 1.22% to about 640,000 BTC, extending a trend from May when users added 25,838 BTC. Ethereum holdings dropped 1.41% to roughly 4.08 million ETH, a decrease of 58,591 ETH, and Tether balances fell 1.51% to about 33.7 billion USDT, down by roughly 510 million USDT.
Bitcoin holdings continue upward trend
The July figures mark the second consecutive monthly increase in customer Bitcoin balances, though the gain was smaller than the 4.26% rise seen in May. The report does not specify whether the changes resulted from purchases, deposits, transfers between Binance services, or movements from other assets. It records balances at a single point in time and does not track individual customer activity.
Ethereum and USDT reverse course
Ethereum balances had risen 10.17% in May to about 4.14 million ETH, but the latest snapshot showed a decline. USDT also fell for a second month, dropping from roughly 34.3 billion USDT on June 1 to 33.7 billion USDT. Lower stablecoin balances do not necessarily indicate conversion into Bitcoin or withdrawals. Similar patterns appeared at other exchanges like Bybit and OKX, where BTC holdings rose while USDT fell, though reasons remain unclear.
Asset backing and broader context
Binance states it holds customer assets on a 1:1 basis with additional reserves, using Merkle Trees and zero-knowledge proofs for verification. The proof-of-reserves report shows whether listed wallets cover customer balances at snapshot time but does not constitute a full audit. The report follows a month of high derivatives trading, with Binance recording about $1.63 trillion in futures volume in June, its highest monthly total of 2026. It also coincides with the end of the EU's MiCA transition period on July 1, which prompted service changes for some European users.