In September 2026, Binance users increased their Bitcoin holdings by nearly $537 million, while Ethereum balances declined by approximately $499 million. According to the exchange's proof of reserves data, Bitcoin was the only major asset to see a balance increase, rising 0.91% to 688,573 BTC.
During the same period, Ethereum holdings dropped by 4.61%. Customer balances of the USDT stablecoin fell by 0.87%, and BNB holdings decreased by 0.77%. While the report does not confirm if users directly swapped ETH for BTC, Bitcoin has risen nearly 47% from its July low, whereas sentiment toward Ethereum reached its lowest point since June 7.
Institutional activity showed a different trend, as US spot Ethereum ETFs attracted $850.8 million over seven days in late September. Bitcoin funds saw inflows of roughly $3.08 billion over nine sessions. Binance maintains over 100% of customer deposits for its listed assets, holding a surplus of 2,431 BTC and $1.24 billion in extra USDT.
The proof of reserves data provides a one-day snapshot of wallet balances rather than a full financial audit. It does not account for the exchange's internal liabilities. Further reports in November will clarify whether the current shift in user asset allocation toward Bitcoin persists.
