Binance has published its 37th Proof of Reserves snapshot, revealing notable changes in user asset balances between November 1, 2025 and December 1, 2025.
The update highlights strong Bitcoin accumulation, ongoing Ethereum outflows, and a sizeable decline in USDT balances, signaling shifting user behavior across the exchange.
Bitcoin Holdings Jump by 23,768 BTC
The snapshot shows a clear increase in user Bitcoin balances. Binance users collectively hold 617,620 BTC, up from 593,852 BTC one month earlier. This represents a 4% increase, equivalent to +23,768 BTC.
The rise suggests continued accumulation despite market volatility, with Binance’s BTC reserves climbing to their highest level in months.
Binance released its 37th Proof of Reserves snapshot (Dec. 1). User BTC holdings reached 617,620 BTC, up 4% from Nov. 1 (+23,768 BTC). User ETH holdings fell 1.32% to 4.04 million ETH (-54,257 ETH). User USDT holdings slipped 1.24% to 34.3 billion USDT (-430 million USDT).… pic.twitter.com/omjgZ2wzbd
— Wu Blockchain (@WuBlockchain) December 7, 2025
Ethereum Balances Slip by 54,257 ETH
In contrast, user Ethereum holdings fell over the same period. The exchange reports 4.04 million ETH in reserves, down from 4.095 million ETH on November 1.
This marks a 1.32% decrease, totaling –54,257 ETH. The decline aligns with the broader trend of ETH leaving centralized exchanges throughout 2025, driven by long-term holders, staking, and self-custody adoption.
USDT Reserves Drop by $430 Million
USDT balances also saw a meaningful reduction. Binance users now collectively hold 34.3 billion USDT, down from 34.73 billion USDT one month earlier.
The 1.24% decline reflects a –431,602,846 USDT change. This shift may indicate increased stablecoin rotation, withdrawals into external wallets, or renewed liquidity demand in spot markets.
BNB Balances Show Moderate Growth
Binance Coin (BNB) was the only other major asset to register growth. User balances rose from 37.88 million BNB to 39.42 million BNB, an increase of 1.54 million BNB.
This represents a 4.06% rise, suggesting increased long-term positioning among BNB holders.
A Snapshot of Shifting User Behavior
Binance’s latest reserves update paints a mixed picture – BTC and BNB balances are climbing, Ethereum continues to trend lower, and USDT holdings have seen a notable pullback. Together, these shifts reflect evolving market positioning as users adjust to volatility, macro uncertainty, and changing risk preferences across the crypto ecosystem.
