Cryptocurrency Exchange’s Bitcoin (BTC) reserves fell by $ 355 million last month, while the customer’s balances grew by more than $ 4 billion, which brought the two more numbers more in line with each other, according to recently released Exchange Reserves data.
At this year’s shift, Binance, the largest crypto exchange at trading volume, held 622.192 BTC across third -party detention and exchange balances. On February 1, this number had shrunk to 618,563 BTC. Customer -net balances, on the other hand, grew from 575,296 BTC to 615,816 BTC, which means the collateral fell to 100% from 108%.
Balances of Tether’s Usdt StableCecoin also fell, dropped about $ 25 million as customer balance rose $ 2.6 billion.
The motive for the change in reserves remains unclear, and Binance did not immediately respond to Coindesk’s request for comment.
The exchange may be redistributing means of generating a return on the investment rather than over -collateraling, and it is worth noting that binance remains in a healthy financial position. At current prices, it has $ 160 billion worth of 34 crypto assets listed on the report, all of which are kept in a ratio of 1: 1 or larger against user balances.
Exchanges began to publish evidence of reserves in response to the FTX interruption in November 2022. It was asked by a weak balance consisting of Illikvide Altcoins, which eventually led to a banking where the stock exchange could not meet user extracts.
The collapse of the FTX spurred a liquidation cascade across the industry where Bitcoin fell to a cycle low of $ 16,463. It has since recovered and traded recently for $ 97,373.
