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<h2 id="quick-take">Quick Take</h2> 
Year-to-date data for 2023 reflects significant shifts in Binance’s proof of reserves, an official disclosure of the exchange’s on-chain assets. 
Bitcoin, buoyed by a 60% appreciation, has seen Binance reserves double from $9.4 billion in January to $17.5 billion in October. This surge has boosted Bitcoin’s share in Binance’s reserves from 27% at the start of the year to approximately 50% by October. 
However, there has been a steep decline in <a href="https://cryptoslate.com/binance-backed-busd-circulating-supply-drops-to-less-than-3b/">BUSD</a>, Binance’s proprietary stablecoin, whose reserves have plummeted from $13 billion to $2 billion. Ethereum reserve figures remained relatively stable, increasing slightly from $5.4 billion to $5.9 billion, despite the cryptocurrency appreciating 30% year-to-date. The Tether (USDT) reserves have grown from $3.8 billion to $5 billion, contrasting sharply with USD Coin (USDC), which tumbled from $2.6 billion to a mere $720,000. 
<figure id="attachment_364586" aria-describedby="caption-attachment-364586" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-364586 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/4-1.png" alt="Proof of reserves assets for Binance: (Source: Glassnode)" width="511" height="160" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/4-1.png 511w, https://cryptoslate.com/wp-content/uploads/2023/10/4-1-300x94.png 300w" sizes="(max-width: 511px) 100vw, 511px">
 <figcaption id="caption-attachment-364586" class="wp-caption-text">
 Proof of reserves assets for Binance: (Source: Glassnode)
 </figcaption>
</figure> 
This observation is backed up by <a href="https://x.com/Andre_Dragosch/status/1712484607244005573?s=20">Andre Dragosch</a>, the Head of Research at Deutsche Digital Assets, who noted a paradoxical trend: While Bitcoin rallied by 80% since November 2022, there has been a noticeable decline in overall crypto reserve assets during the same period. 
These shifts underline a clear trend: Bitcoin is becoming an increasingly dominant reserve for Binance amidst varied market dynamics. 
<figure id="attachment_364583" aria-describedby="caption-attachment-364583" style="width: 100%" class="wp-caption aligncenter">
 <img class="wp-image-364583 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/POR.png" alt="Proof of reserves - Binance: (Source: Glassnode)" width="1448" height="805" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/POR.png 1448w, https://cryptoslate.com/wp-content/uploads/2023/10/POR-300x167.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/POR-1024x569.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/POR-768x427.png 768w" sizes="(max-width: 1448px) 100vw, 1448px">
 <figcaption id="caption-attachment-364583" class="wp-caption-text">
 Proof of reserves – Binance: (Source: Glassnode)
 </figcaption>
</figure> 
The post <a rel="nofollow" href="https://cryptoslate.com/insights/binance-bitcoin-reserves-double-while-proprietary-stablecoin-busd-plummets-in-2023/">Binance Bitcoin reserves double, while proprietary stablecoin BUSD plummets in 2023</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Binance Bitcoin reserves double, while proprietary stablecoin BUSD plummets in 2023

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