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Binance’s latest proof-of-reserves report shows a notable decline in user assets in September as the crypto market wandered in the red zone.
According to Binance’s 23rd PoR report, the exchange’s Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) holdings decreased in September.
Binance saw 9,577 BTC and 61,326 ETH leave the exchange last month. These assets are each worth $595 million and $148.5 million, respectively. Its USDT reserves also dropped by 3.16%, falling from $22.11 billion to $21.41 billion, showing an outflow of almost $700 million.
On the other hand, Binance recorded a 2.17% increase in its BNB (BNB) holdings — rising from 40.7 million BNB to 41.5 million BNB in the mentioned timeframe.
Binance’s total crypto assets are worth over $106 billion.
It’s not only Binance that witnessed a decline in its digital asset reserves. According to data provided by Coinglass, Kraken, Bitfinex and Bybit also saw 19,553 BTC, 9,848 BTC and 4,982 BTC leave the platforms over the past 30 days, respectively.
Bithumb, however, recorded an inflow of 3,017 BTC in the last 30 days, per Coinglass.
According to a crypto.news report on Oct. 3, Binance’s market share dropped to 2020 levels as its spot and derivatives trading volumes decreased by 21% and 23% in September.
The exchange has a 27% share of the total spot trading volume and a 40% share of the derivatives market, per the report.
Upbit and OKX also witnessed notable declines in their respective market shares while Crypto.com boosted its stake by 8%, reaching 10.5%.
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