Binance Sees More Bitcoin and Less Ethereum in September
Binance’s proof of reserves shows a shift: customers added mostly BTC, while ETH balances fell. At the same time, demand for spot Ethereum ETFs in the U.S. held up.
Key Takeaways
- Binance users added nearly $537 million in Bitcoin in September, while their Ethereum holdings fell by about $499 million.
- Bitcoin was the only major asset whose customer balances rose; holdings increased by 0.91% to about 688,573 BTC.
- The figures point to a shift toward Bitcoin, while U.S. spot Ethereum ETFs still attracted about $850.8 million at the end of September.
Binance users added nearly $537 million (€477 million) in Bitcoin in September, while their Ethereum holdings fell by about $499 million (€443 million). The figures come from the crypto proof of reserves of the crypto exchange and point to a clear shift in customer balances, although the data does not say whether the same users sold ETH to buy BTC.
What Binance Is Showing Exactly
The balance figures show what Binance holds in its wallets versus what customers have deposited. These checks became more common after the collapse of FTX in 2022, when transparency around reserves got much more attention.
Bitcoin was the only major asset in September whose customer balances rose. According to Binance, holdings increased by 0.91% to about 688,573 BTC. Ethereum, on the other hand, fell by 4.61%. USDT and BNB also posted smaller declines, at 0.87% and 0.77%, respectively.
Bitcoin Gains Ground on Binance
Binance did not give a reason for the shift. The numbers only show total balances and do not reveal whether customers sold ETH to buy Bitcoin. Still, the move fits a broader market where Bitcoin stayed strong in September and, according to Binance Research, had recovered nearly 47% from the July low.
At the same time, sentiment around Ethereum worsened. According to Santiment, bearish posts about ETH outnumbered bullish ones in early October, the weakest sentiment since June 7. That came during a period when U.S. spot Ethereum ETFs were still pulling in money, with about $850.8 million (€755 million) over seven days at the end of September.
Why This Matters for Investors
For European crypto followers, the main takeaway is that the data shows two different signals. On one hand, some Binance customers are shifting toward Bitcoin. On the other hand, institutional demand for Ethereum through ETFs also remained in place. That makes the gap between retail behavior on an exchange and professional investor demand even more visible.
According to the September report, Binance holds more than 100% of customer assets in the eight listed assets. The biggest buffer is in stablecoins, while ETH is almost fully covered and Bitcoin shows a small surplus position. Still, this is just a snapshot of wallets and not a full audit, and it says nothing about Binance’s own liabilities.
