Binance’s latest proof of reserves report shows a notable decline in user assets in September as the crypto market wandered into the red zone.
According to Binance’s 23rd PoR Report, the exchange’s holdings of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) decreased in September.
Binance saw 9,577 BTC and 61,326 ETH exit the exchange last month. These assets are worth $595 million and $148.5 million, respectively. USDT reserves also decreased by 3.16% from $22.11 billion to $21.41 billion, with an outflow of nearly $700 million.
Meanwhile, Binance recorded a 2.17% increase in its BNB (BNB) holdings, increasing from 40.7 million BNB to 41.5 million BNB within the aforementioned period.
Binance’s total crypto assets are worth more than $106 billion.
Binance is not the only company to witness a decline in digital asset reserves. According to data provided by Coinglass, Kraken, Bitfinex, and Bybit also saw 19,553 BTC, 9,848 BTC, and 4,982 BTC left their platforms, respectively, in the past 30 days.
However, according to Coinglass, Bithumb recorded an inflow of 3,017 BTC in the past 30 days.
According to a crypto.news report on October 3, Binance’s market share fell to 2020 levels as spot trading volume and derivatives trading volume decreased by 21% and 23% in September.
According to the report, the exchange has a 27% share of the total spot trading volume and a 40% share of the derivatives market.
Upbit and OKX also witnessed notable declines in their respective market shares, while Crypto.com increased its stake by 8% to reach 10.5%.
