On December 1, 2025, Binance published its 37th Proof of Reserves report, revealing significant shifts in user asset allocations. According to insights shared by Wu Blockchain, this report indicated notable increases in Bitcoin (BTC) and Binance Coin (BNB) reserves, while Ethereum (ETH) and Tether (USDT) reserves showed declines.
The report noted an impressive rise in Bitcoin holdings, which increased from 593,852 BTC at the beginning of November to 617,620 BTC at the start of December, marking a 4% growth. This influx of approximately 23,768 BTC suggests a resurgence of user confidence in the platform amidst ongoing market volatility, prompting a renewed focus on accumulating Bitcoin.
Similarly, Binance Coin reserves also experienced a noteworthy uptick, rising from 37.88 million to 39.42 million, reflecting a 4.06% increase. This rise is attributed to the expanding utility of BNB within the Binance ecosystem, including applications in staking, Launchpad, and various blockchain transactions. The increase in Bitcoin and BNB reserves highlights a growing trust in Binance”s stability, as well as Bitcoin”s appeal as a long-term investment. Furthermore, activities surrounding potential spot ETFs and portfolio rebalancing ahead of the year-end may have contributed to the rise in BTC reserves.
On the other hand, the report pointed out significant decreases in the reserves of Ethereum and Tether. User reserves of ETH declined from 4.09 million to 4.04 million, translating to a 1.32% drop of around 54,257 ETH. This reduction might be attributed to profit-taking or a strategic pivot towards decentralized finance (DeFi) activities as users navigate uncertainties ahead of Ethereum updates.
In the stablecoin sector, Tether balances saw a decrease from $34.73 billion to $34.30 billion, representing a 1.24% decline. This shift of $430 million in liquidity indicates a strategic realignment, as users appear to be seeking alternative assets, motivated by a greater appetite for market risk and new investment opportunities.
Despite these declines, the overall strength of Binance”s reserves remains robust, providing valuable insights into diverse user strategies and the evolving landscape of market conditions. Key takeaways from the report include:
- A 4% growth in Bitcoin reserves signals a return of investor confidence.
- BNB reserves increased by 4.06%, driven by its utility within the Binance ecosystem.
- ETH reserves declined by 1.32%, influenced by user strategies shifting towards DeFi.
- A 1.24% drop in Tether holdings suggests a transition to other assets.
As the crypto community adapts to these evolving trends, Binance continues to play a pivotal role in understanding broader movements within the digital asset space.
