On December 1, 2025, Binance published its 37th Proof of Reserves report, showing a significant change in user asset preferences. The report, analyzed by Wu Blockchain, indicates that both Bitcoin (BTC) and BNB reserves saw notable increases, while Ethereum (ETH) and Tether (USDT) reserves experienced declines.
User holdings of Bitcoin rose from 593,852 BTC at the beginning of November to 617,620 BTC by the start of December, reflecting a 4% increase. This change corresponds to a net inflow of approximately 23,768 BTC, suggesting that investor confidence in Binance has strengthened despite ongoing market fluctuations. Additionally, there is a growing tendency among users to enhance their Bitcoin investments.
Similarly, BNB reserves grew from 37.88 million to 39.42 million, marking an increase of 4.06%. This uptick in BNB holdings is largely due to expanding activities within the Binance ecosystem, with increased utilization in staking, Launchpad, and payments related to blockchain fees being key drivers of this demand.
The rise in reserves for Bitcoin and BNB underscores a significant trust in Binance among market participants, reflecting a preference for long-term holding of these digital assets. The surge in Bitcoin reserves could also be influenced by anticipated spot ETF inflows and seasonal portfolio adjustments as the year concludes.
Conversely, the December report highlighted a decline in two major assets. Ethereum balances fell from 4.09 million ETH in November to 4.04 million ETH, representing a decrease of 1.32%. This outflow of around 54,257 ETH may be linked to profit-taking strategies or a shift towards DeFi activities. This reduction occurred prior to pivotal updates in the Ethereum ecosystem, suggesting that uncertainties may be influencing user decisions in the short term.
In the stablecoin sector, USDT reserves also saw a decline, dropping from $34.73 billion to $34.30 billion, which is a 1.24% decrease. This $430 million drop reflects liquidity management practices and a potential transition among users towards alternative assets. Such outflows from stablecoins often signify an increased risk appetite in the market, indicating that investors may be actively seeking new buying opportunities.
While the reductions in Ethereum and Tether do not detract from the overall strength of Binance”s reserves, they highlight distinct behavioral patterns among users in the current market landscape.
