By Nermeen Nabil Khear 
The crypto exchange Binance recorded lower Bitcoin (BTC) reserves following reduced market sentiment. Last month, a new row of whale and retail exited the crypto market as prices failed to recover despite bull pressure. This downturn has led to high centralized exchange sales, plunging miner reserves, and increased sell pressures.
Binance Holdings Stand At 612,000 BTC
Binance released its latest Proof of Reserve report, showing user crypto balances in the last 30 days. According to the report, BTC holdings dropped 2.48% to 612,000 BTC. This marks a large 15,000 BTC decline over the last month, which saw about 628,253 BTC.
The market remains prone to negative macro movements wiping out macro gains. Bitcoin is down over 22% this year from an all-time high in January. March saw a tighter grip as the United States trade war continues. These factors have lowered trader sentiments, leading to massive outflows to reduce losses.
Proof of reserves is assets held in custody for users, typically 1:1, to show that a centralized exchange has funds to cover all funds in case of a breach. Binance and other exchanges update their reserves reports to meet standard practice and regulatory requirements.
“When a user deposits one Bitcoin, Binance’s reserves increase by at least one Bitcoin to ensure client funds are fully backed. It is important to note that this does not include Binance’s corporate holdings, which are kept on a completely separate ledger. What this means in actual terms is that Binance holds all user assets 1:1 (as well as some reserves), we have zero debt in our capital structure,” the report stated.
Despite regulatory hurdles in certain jurisdictions, Binance remains the largest exchange by trading volume. In effect, Binance numbers play a pivotal role in trader sentiments.
Altcoins Plummet Alongside Bitcoin
Binance Proof of Reserves also shows reduced altcoins in the last 30 days. Ethereum (ETH) holdings dropped 2.71% to 5,265,167 tokens. In March, ETH reserves stood at 5,617,416 tokens, showing increased selling pressure amid the asset’s price dip.
At the time of writing, Ethereum’s price stands at $1,491, a 14% plunge today and a 29% decline in the last 30 days. The asset lost its grip on the $2k mark, sparking wider concerns among holders. While BTC and ETH declined, Binance posted a 1.63% BNB gain to 39,536,867 assets.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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