Binance has released its Proof-of-Reserves (PoR) report for September 2024, and it reveals a big struggle for the cryptocurrency market during the month.
The report marks the 23rd update on Binance’s reserves and shows notable declines in Bitcoin, Ethereum, and Tether held by the exchange.
According to the report, 9,577 BTC and 61,326 ETH, valued at $595 million and $148.5 million, respectively, left the exchange’s coffers. Also, its USDT reserves saw a 3.16% decline, dropping from $22.11 billion to $21.41 billion, representing nearly $700 million in outflows.
Interestingly, Binance’s BNB holdings increased by 2.17%, growing from 40.7 million BNB to 41.5 million BNB during the same period.
Other major exchanges also experienced notable outflows. Data from Coinglass shows that Kraken, Bitfinex, and Bybit also saw significant outflows, with 19,553 BTC, 9,848 BTC, and 4,982 BTC leaving their platforms over the past 30 days, respectively. In contrast, Bithumb reported an inflow of 3,017 BTC over the last 30 days, bucking the trend of declining reserves among other exchanges.
This drop in user assets comes shortly after a CCData report on October 3, 2024, which indicated that Binance’s spot and derivatives trading volumes fell by 23% and 21%, respectively, mirroring a broader 17% decline in trading volumes across centralized exchanges (CEXs) during September. Researchers pointed out that September had been a challenging month for the digital asset space.
Amid this backdrop, Binance introduced a pre-market spot trading service on September 25. The service allows users to take early positions on selected tokens before their official spot market listings, providing more trading opportunities. However, withdrawals, transfers, and deposits remain restricted until the token’s official listing. The pre-market trading period concludes at least four hours before the token’s spot trading officially begins.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
