Binance Proof of Reserves (PoR) Update for July 2023

Binance has released its 21st Proof of Reserves (PoR) for July, showing substantial reserves across various cryptocurrencies.

Binance Proof of Reserves Highlights Key Takeaways:

Binance released its 21st Proof of Reserves (PoR) on August 5, showcasing cryptocurrency reserves.

Bitcoin (BTC) holdings increased, while Ethereum (ETH) and Tether (USDT) balances saw slight decreases.

Binance's 21st Proof of Reserves: A Snapshot

The latest snapshot of Bitcoin holdings highlights the exchange's strong solvency position, ensuring customer assets are fully backed with a reserve ratio exceeding 100% for major cryptocurrencies. According to Binance's website, the reserve ratios stand at 133% for USDT, 106% for Bitcoin, and 103% for Ethereum.

Here's a quick overview of the asset balances as per the latest snapshot:

Binance saw $3.27 billion in inflows over the past month, based on the latest proof of reserve.

As a result, Binance's reserves also saw a notable jump in July, adding 7,834 BTC (+$450 million) , marking a 1.29% increase over the past month. However, Ethereum's net balance dropped by 10,103 ETH (+$24.8 million) or 0.21%, suggesting some profit-taking and shifting preferences.

Tether saw a 1.52% decrease in net balance, dropping by $327 million, possibly due to investors converting them for other assets. On the other hand, Binance Coin saw a 1.55% increase, adding 617,454 BNB (+$303 million), showing confidence in Binance's native token.

Holdings in Ripple (XRP), USDC, Dogecoin (DOGE), and Polygon (MATIC) remained relatively stable.

Besides Binance, other exchanges like Bybit and Bitfinex also saw substantial inflows of $276 million and $100 million, respectively.

Teng Highlights Binance's Record $1.2B Inflow Amid Market Optimism

Further showcasing the market confidence in Binance, the exchange's CEO Richard Teng highlighted Binance seeing a record single-day inflow of $1.2 billion on Monday, Aug. 5, despite the global market rout.

Teng shared his excitement on X, anticipating an upcoming market flip. The Binance chief also mentioned that on Monday, the exchange saw its largest influx since the beginning of the year, indicating a return of investor confidence.