The Bitcoin (BTC) reserves (BTC) of Cryptocurrency Exchange Binance dropped by $ 355 million last month, while customer sales increased by more than $ 4 billion, which reported the two figures more in accordance with some Others, according to recently published exchange reserves data.
At the beginning of the Binance year, the largest exchange of crypto in commercial volume, held 622,192 BTC on the sales and third -party exchanges. On February 1, this figure had shrunk at 618,563 BTC. Customer net sales, on the other hand, went from 575,296 BTC to 615,816 BTC, which means that the guaranteed rate fell to 100% to 108%.
Tether’s Stablecoin USDT’s balances also dropped, falling around 25 million dollars, customer balances increased by $ 2.6 billion.
The reason for the change of reserve remains uncertain and Binance did not immediately respond to the request for comments from Coindesk.
The exchange could reallocate funds to generate a return on investment instead of over-collateralization, and it should be noted that Binance remains in a healthy financial situation. At current prices, it holds $ 160 billion of 34 cryptographic assets listed on the report, all held at a 1: 1 or more ratio compared to user sales.
The exchanges began to publish proof of reservations in response to the collapse of the FTX in November 2022. This was caused by a weak assessment including illiquid altcoins, finally leading to, in fact, to a bank where the exchange could not fill user withdrawals.
The collapse of FTX stimulated a liquidation cascade throughout the industry, the bitcoin falling to a cycle of $ 16,463. He has since recovered and was recently negotiated at $ 97,373.
