Binance’s 39th Proof of Reserves snapshot, taken on February 1, shows a clear divergence in user balances, with Bitcoin holdings increasing while Ethereum and USDT balances moved lower.
The latest data provides a structural look at how capital was positioned on the exchange heading into February.
Bitcoin Balances Edge Higher
User Bitcoin holdings rose to approximately 639,149 BTC, reflecting a 0.41% increase compared to the January 1 data. In absolute terms, this represents a net gain of 2,614 BTC over the month.
Although the percentage increase is relatively small, the steady growth in BTC balances suggests ongoing accumulation on the platform. During periods of macro uncertainty and volatility, incremental increases in Bitcoin holdings can signal positioning for longer-term exposure rather than short-term trading.
Ethereum Holdings Decline
Ethereum balances moved in the opposite direction. User ETH holdings fell to roughly 4,181,400 ETH, marking a 3.74% month-over-month decline. This equals a reduction of 162,469 ETH compared to the prior report.
The drop may indicate capital rotation, withdrawals into self-custody, or reduced speculative activity in Ethereum relative to Bitcoin. A decline of this size is materially larger than the BTC change and reflects a more noticeable shift in positioning.
USDT Liquidity Contracts
User USDT holdings also declined, falling to approximately 36.85 billion USDT. This represents a 3.07% decrease, or roughly 1.16 billion USDT less than the January snapshot.
Stablecoins typically function as trading liquidity and reserve capital on exchanges. A contraction in USDT balances can signal lower immediate buying power or capital moving off-platform. It may also reflect users deploying stablecoins into other assets before the snapshot date.
Reserve Ratios Remain Above 100%
Binance’s disclosed reserve ratios show that major assets remain fully backed. The snapshot reports BTC at 100.07%, ETH at 100.02%, and USDT at 103.76%, based on on-chain wallet balances relative to net user liabilities.
Ratios above 100% indicate that on-chain balances exceed net user holdings for those assets at the time of reporting, reinforcing the exchange’s reserve transparency framework.
Overall, the February data reveals modest Bitcoin accumulation alongside declines in Ethereum and USDT balances. While monthly reserve reports do not determine short-term price direction, they provide a structural view of user positioning that can help contextualize broader market behavior.
