Binance released its 44th proof-of-reserves report on July 1, showing customer Bitcoin holdings increased during June while Ethereum and Tether balances declined.
The snapshot, taken on July 1, compared figures with customer balances recorded on June 1. Customer Bitcoin holdings rose 1.22% to about 640,000 BTC, an increase of 7,715 BTC. Ethereum holdings fell 1.41% to around 4.08 million ETH, a drop of 58,591 ETH. Customer Tether holdings decreased 1.51% to about 33.7 billion USDT, falling by roughly 510 million USDT.
Bitcoin balances extend upward trend
The July figures extend the rise in customer Bitcoin balances from the previous month. In May, Binance users added 25,838 BTC, lifting holdings by 4.26% to about 630,000 BTC in the exchange’s 43rd report. The latest increase was smaller than the prior month’s gain but kept customer BTC balances moving higher. The report does not show whether the change came from purchases, deposits, transfers between Binance services, or movements from other assets. It records balances at one point in time rather than individual customer activity.
Ethereum and USDT balances decline
Ethereum moved in the opposite direction after recording a strong increase in the previous report. Customer ETH holdings had risen 10.17% in May to about 4.14 million ETH. The July snapshot showed the total fell by 58,591 ETH during June.
USDT balances also declined for a second consecutive month. Binance users held about 34.3 billion USDT in the June 1 snapshot after balances fell by roughly 460 million tokens in May. The latest decrease brought the total to about 33.7 billion USDT. Lower stablecoin balances do not confirm that users converted USDT into Bitcoin or withdrew funds.
A similar pattern recently appeared at other major exchanges. Bybit and OKX recorded higher customer Bitcoin holdings while USDT balances fell in their latest reserve snapshots. However, the reports did not identify the reasons behind the balance changes.
Binance says customer assets remain backed
Binance states on its proof-of-reserves page that it holds customer assets on a 1:1 basis, along with additional reserves. The exchange uses Merkle Trees and zero-knowledge proofs to let customers check whether their account balances were included in the total liabilities covered by each report.
A proof-of-reserves report can show whether listed wallets hold assets linked to customer balances at the time of a snapshot. However, it does not provide a complete financial audit or explain every off-chain liability. A recent proof-of-reserves explainer noted that useful disclosures should remain recent, frequent, and matched against customer liabilities.
The figures should be read as a record of asset backing and customer balances on a specific date. They do not show the exchange’s complete financial position or the reasons customers moved assets between accounts, platforms, or private wallets.
Report follows broader changes at Binance
The latest reserve report arrived after a month of active derivatives trading. Binance recorded about $1.63 trillion in futures trading volume during June, its highest monthly total of 2026, according to CryptoQuant data.
Binance also introduced service changes for some European users when the European Union’s MiCA transition ended on July 1. As previously reported, the exchange said affected users could continue using options already communicated to them, including withdrawals where available. The date matched the snapshot used for the latest reserve report.
Earlier reserve rankings placed Binance ahead of other major exchanges. CoinMarketCap data ranked the platform first in January 2026 with about $155.6 billion in proof-of-reserve assets. The July report adds a new monthly view of customer balances, with BTC rising while ETH and USDT moved lower.
