Binance reported higher customer Bitcoin holdings in its 44th proof-of-reserves update, while Ethereum and Tether balances fell during June. The snapshot was taken on July 1. It compared user balances with figures recorded on June 1 across the trading platform.
Customer Bitcoin holdings rose 1.22% to about 640,000 BTC. The increase added 7,715 BTC to user balances during the month. Ethereum holdings fell 1.41% to around 4.08 million ETH, a drop of 58,591 ETH.
USDT balances also fell in the new report. Customer holdings decreased by 1.51% to almost 33.7 billion tokens. This meant that there were 510 million USDT less compared to the last report.
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What Binance Data Shows About BTC and ETH
The data presented for July continued the upward trend of Bitcoin balances recorded one month before. Binance users had increased their holdings by 25,838 BTC in May, according to Binance’s 43rd proof-of-reserves report. This increase allowed customers’ holdings of Bitcoin to increase by 4.26% to about 630,000 BTC.
Although the increase in July was smaller compared to that of May, it maintained the positive trend of customer balances growth. It is unclear why the increase in customer balances happened: it could be due to purchases, deposits, internal transfers, or conversion from other assets.
Unlike Bitcoin, Ethereum experienced the opposite trend after the increase in May. Customer balances of Ethereum had increased by 10.17% in the previous report. However, the July 1 snapshot recorded the fall of 58,591 ETH monthly.
USDT balances continued falling for the second month in a row. Binance users held about 34.3 billion USDT in the June 1 snapshot. The latest decline reduced that figure to about 33.7 billion USDT.
The low stablecoin balance does not mean the users have made a direct transition to Bitcoin. Moreover, it is not clear whether users withdrew money from the exchange. Only customers’ balances of assets on the date of the snapshot are provided in the report.
What Binance Proof-of-Reserves Shows About Assets
According to Binance, it keeps customer assets in the ratio of 1:1 along with the reserves. The company uses Merkle Trees and zero-knowledge proofs in order to make its reserve check. Thus, it becomes possible for users to check if their account balances are reflected in liabilities.
The proof-of-reserves reports prove the existence of wallet-backed assets associated with the customer balances at a certain period. They do not provide the complete financial audit of the exchange. In addition, it does not cover all off-chain liabilities.
The reserve check came after an active month in derivatives trading. According to CryptoQuant data, Binance had $1.61 trillion of futures trading volume in June. It became the record monthly total for futures in 2026.
Previously, the reserve ranking put Binance among the best exchanges. CoinMarketCap data ranked the exchange as the leader in January 2026 with $155.6 billion in proof-of-reserves assets. The July report added a new monthly point of view where BTC grows and ETH and USDT decline.
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