Binance, the biggest crypto exchange globally, has released its 19th Proof of Reserve (POR) to show transparency in its asset holdings. Independent crypto reporter Colin Wu reporter, pointed out that this PoR report discloses changes in Bitcoin, Ethereum, USDT, XRP, and Shiba Inu holdings, with total asset reserves amounting to $124.69 billion.
Binance Reserves Hold Strong Amidst Outflows
In comparison to May 1, user Bitcoin holdings rose by 534 BTC, reaching 582,000 tokens on June 1. User Ethereum assets reached 4.664 million, marking a 7.02% increase, whereas the USDT tokens held by customers dropped by 3.38% to 22.08 billion.
Even with this decrease, Binance’s asset reserves stand firm at $124.69 billion, despite a net outflow of $1.54 billion from the prior month. This report is vital as it reaffirms Binance’s dedication to maintaining user assets at a 1:1 ratio, supported by extra reserves.
Del Crxpto, a crypto analyst, shared his positive outlook on Shiba Inu, mentioning that the memecoin is expected to see more ecosystem tokens traded on Binance in the future.
This follows after Colin’s report shed light on the aforementioned cryptocurrency. The report analyzed that customer net balances amounted to 62.62 trillion SHIB, while Binance’s net balances stood at 64.8 trillion tokens.
Customer holdings are slightly below the Binance reserve with 64.599 trillion SHIB in direct exchange balances and 209.55 billion SHIB in third-party custody, totaling a SHIB ratio of 103.49%.
The solvency of Binance regarding its customers’ holdings underscores the robust liquidity that can keep it in business for long. At press time, SHIB is trading at $0.000025, reflecting a 2.18% decline over the past day.
XRP’s Money Moves On Binance
Whale Alert, a tool that monitors blockchain transactions, detected $88 million worth of XRP moving between Coinbase and Binance earlier this week.
This aligns with the Coinbase exchange relaunching XRP trading for New York residents. These transfers play a vital role in assessing the exchange’s liquidity, risk control, and asset allocation.
Wu’s report also includes XRP financial data. He reported that Binance’s customer net balance is at 2.9 billion XRP while Binance is at 2.934 billion XRP, with a ratio of 101.17% Currently, XRP trading is at $0.5268 atop a 0.06% growth in 24 hours.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of Crypto-Vanguard’s content as such. Crypto-Vanguard does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.