Are Binance Users Selling Ethereum for Bitcoin?
In September 2026, Binance customers added almost $537 million in Bitcoin, in keeping with its proof of reserves knowledge. Meanwhile, their Ethereum holdings fell by roughly $499 million. Are merchants promoting ETH to purchase into BTC?
The knowledge compares what the alternate holds in its wallets with what prospects have deposited. Crypto exchanges started publishing these checks after the FTX collapse in 2022.
How Binance Customer Balances Changed in September
Bitcoin was the one main asset the place buyer balances grew. Holdings rose 0.91% to about 688,573 BTC, in keeping with Binance.
Ethereum balances dropped 4.61%. Customer holdings of Tether’s USDT stablecoin slipped 0.87%. Balances of BNB, Binance’s personal token, fell 0.77%.
Why Did Customers Favor Bitcoin Over ETH?
Binance’s report provides no motive for the shift. It counts totals solely and doesn’t present whether or not the identical prospects offered ETH to purchase Bitcoin.
However, value strikes kind one backdrop. Bitcoin has climbed almost 47% from its July low, per Binance Research’s rebound data.
Mood round ETH additionally soured. Bearish social media posts about ETH outnumbered bullish ones as October started, in keeping with analytics agency Santiment. That marked the weakest ETH sentiment since June 7.
Wall Street buyers, nonetheless, stored shopping for each. US spot Ethereum ETFs, which let buyers purchase ETH by means of a inventory account, took in about $850.8 million over seven straight days in late September.
Bitcoin funds drew roughly $3.08 billion over 9 classes, in keeping with SoSoValue knowledge.
How Much Spare Crypto Does Binance Hold?
Binance holds greater than 100% of buyer deposits in every of its eight listed property. However, the cushion is uneven.
The alternate holds 691,004 BTC in opposition to 688,573 BTC owed to prospects. That 0.35% surplus is about 2,431 BTC, or roughly $208 million at Bitcoin’s current price.
ETH is roofed virtually to the coin, with about 3 spare ETH. The greatest buffer sits in stablecoins, together with $1.24 billion in additional USDT.
Still, the report is a one-day snapshot of wallets, not a full audit. It doesn’t cowl Binance’s personal money owed. The November report will present whether or not the shift towards Bitcoin continues.
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