Binance’s 40th proof of reserves report, snapshotted on March 1, 2026, shows user holdings declining across every major asset, with Ethereum recording the sharpest drop.
What the Numbers Show
ETH holdings on Binance fell from 4,181,400 to 3,874,197 between February 1 and March 1. That is a reduction of 307,203 ETH in a single month, a 7.35% decline. At current prices near $1,982, that represents roughly $609 million in ETH that left the exchange.
BTC holdings dropped more modestly. The February 1 figure of 639,149 BTC fell to 631,145 by March 1, a reduction of 8,004 BTC or 1.25%. USDT holdings declined by approximately 362 million, from 36.85 billion to 36.49 billion, a 0.98% reduction. BNB fell by 175,167 tokens, down 0.40%.
Every asset in the report moved in the same direction. That consistency is worth noting.
Why ETH Stands Out
The ETH figure is the outlier. A 7.35% single-month decline in exchange holdings is meaningfully larger than the drawdowns in BTC, USDT, or BNB over the same period. Exchange outflows can indicate two things: users withdrawing to self-custody, or users withdrawing to sell elsewhere. The data does not distinguish between the two.
What the timing does add is context. The February to March period coincided with the broader market downturn visible on ETH price charts this week, including the sharp drop from $2,150 to $1,970 covered in earlier reporting. Whether the exchange outflow preceded, accompanied, or followed that price move is not visible in a monthly snapshot.
What Proof of Reserves Does and Does Not Confirm
Binance’s proof of reserves reports verify that user assets on the platform are backed at least 1:1 by exchange holdings. A decline in reported holdings reflects a genuine reduction in user balances held on the exchange. It does not indicate insolvency or mismanagement on its own.
The report covers user-held assets, not Binance’s proprietary holdings. The distinction matters when reading the figures. Users moved assets. The exchange reported it.
