Bitcoin Balance on Binance Reaches 682,356 BTC as September Reserves Report Released

Binance users' Bitcoin (BTC) balance totaled 682,356 coins as of September 1, marking a 3.92% increase of 25,711 coins compared to one month earlier. Binance released its 46th reserve proof report based on a snapshot taken on September 1.

The official reserve proof page showed user Ethereum (ETH) balances at 3,982,739 coins, up 1,543 coins or 0.04% from the previous survey. Tether (USDT) balances stood at approximately 3.238 billion coins, a decrease of about 60 million coins or 1.85% compared to the prior report.

Reserve proofs compare assets held by an exchange with user balances at a specific point in time. Binance explained that users can verify if their account balance was included in the calculation using Merkle trees and zk-SNARKs. However, reserve proofs alone cannot determine an exchange's full financial health, as it requires additional review to confirm whether all liabilities are covered by the disclosed assets, whether assets are used as collateral multiple times, and whether operational and legal obligations have been fully reflected.

The latest report showed increasing user balances for Bitcoin and Ethereum while Tether balances decreased, indicating divergent trends across asset classes. Further monthly snapshots will be needed to determine if this trend continues.