Binance exchange published its 29th Proof of Reserves snapshot report, based on the one taken on April 1, 2025. The report suggests there has been a drop in some of the largest cryptocurrencies carried by users in the platform relative to last month.
Based on the figures, Binance customers’ Bitcoin (BTC) holdings are now at 612,675 BTC. This is down by 15,577 BTC (2.48%) from the March 1 tally. Ethereum (ETH) holdings have also dropped to 5,465,167 ETH. It represented a decrease of 152,248 ETH around 2.71% from last month.
USDT holdings registered the biggest percentage decline among key assets, reducing by 1.08 billion tokens (3.67%) to 28.32 billion USDT. Compared to these declines, the native token of Binance, BNB, was the only significant cryptocurrency whose holdings increased.
Bitcoin exchange reserves drop 15,577
The April 1 snapshot reveals that Bitcoin reserves on Binance stand at 612,675 BTC, with a collateralization ratio of 100.99%. This ratio indicates that Binance holds slightly more Bitcoin than required to fully back all customer deposits.
The exchange maintains 618,757 BTC in total net balances, with 605,936 BTC held directly on the exchange and 12,821 BTC in third-party custody.
Source: Wu Blockchain
Ethereum holdings follow a similar pattern, with customer net balances of 5,465,167 ETH backed by Binance net balances of 5,466,653 ETH. The exchange keeps 5,285,682 ETH on its platform and 180,971 ETH with third-party custodians.
USDT, which saw the largest percentage decrease among major assets, maintains a healthy collateralization ratio of 104.42%.
Customer net balances of 28,320,546,024 USDT are backed by Binance net balances of 29,572,017,129 USDT. The majority around 28,890,216,271 USDT was held on the exchange. While there was 681,800,858 USDT in third-party custody.
BNB was the only major asset to see growth in the April snapshot. Customer holdings increased to 39,536,866 BNB, backed by Binance net balances of 44,097,353 BNB. Nearly all BNB (44,064,761) is held directly on the exchange, with only 32,591 BNB in third-party custody.
Altcoin and stablecoin reserve changes
In addition to major cryptocurrencies, the proof of reserves report from Binance also reveals information on multiple altcoins and stablecoins sitting on the platform.
Solana (SOL) reserves across the exchange equate to customers’ net positions of 25,938,721 SOL backed by a 100.04% collateralization ratio. Directly on exchange, there is 25,615,708 SOL, along with 333,985 SOL in third-party custody.
Stablecoins other than USDT have differing reserve and collateralization levels. USDC has the highest collateralization ratio at 145.04%, customer balances of 4,787,658,119 USDC collateralized by 6,943,870,159 USDC in Binance net balances. FDUSD is at a robust 109.64% ratio, and TUSD is at 102.45%.
Dogecoin (DOGE) possesses customer balances of around 15.2 billion DOGE and a collateralization ratio of 111.64%. This puts it in the ranks of the assets with above-average backing on the platform.
Other altcoins in the report include:
- XRP: 2,574,947,371 in customer balances with a 103.79% collateralization ratio
- DOT: 137,981,565 in customer balances with a 104.79% ratio
- LINK: 66,985,355 in customer balances with a 100.34% ratio
- LTC: 6,648,918 in customer balances with a 109.13% ratio
SHIB shows massive customer holdings exceeding 56 trillion tokens with a 100.53% collateralization ratio. The TRUMP coin shows customer balances of 45,556,616 tokens with a 100.60% ratio, while SUI holds 371,025,478 tokens in customer balances with a 100.97% ratio.
Proof of reserves methodology and security measures
Binance exchange’s proof of reserves mechanism is based on Merkle Tree verification to enable users to verify independently that their assets are part of the exchange’s reported amounts. The process involves generating cryptographic proofs that attest to customer funds being present in the exchange wallets without exposing sensitive user data.
For the April 1 snapshot, Binance continued to have its set verification process in place, which covers both exchange balances and third-party custody arrangements.
The two-custody model is a risk management procedure, with most funds held in exchange-controlled wallets for operational reasons, and reserves held with trusted third-party custodians.
The report indicates disparate distributions between exchange balances and third-party custody by asset. For Bitcoin, around 97.9% of reserves are on the exchange directly, and just 2.1% are in third-party custody. The same holds for ETH (96.7% on exchange) and BNB (99.9% on exchange).
Certain assets exhibit more substantial holdings in third-party custody. In the case of PEPE, for instance, customer balances total over 94 trillion tokens while 176 trillion tokens are in third-party custody.
