As soon as FTX fell, Binance played the transparency map to maintain the trust of its several hundred million users. Thus, from November 2022, the crypto giant called on Mazars, an international auditing company, to provide access to reliable data concerning clients’ holdings in BTC, ETH, USDT, etc. At the start of October, Binance published its 11th Proof-of-Reserves (PoR) report. Details in the following lines.
Binance publishes its 11e Proof of Cryptocurrency Reserves report
The first report of this kind, published by Binance last November, did not convince analysts. First, there was a huge lack of information regarding the structure of the crypto business. Then, our colleague highlighted, in an article, the fact that the 1:1 ratio of reserves to assets of Binance customers has not been achieved.
But these remarks did not prevent Binance from repeating the same gesture: the publication of a proof of reserves report at the beginning of each month.
“ Binance publishes its eleventh proof of reserve (snapshot dated October 1). User assets in BTC were 588K, an increase of 0.12% from the previous month; user assets in ETH were 3.83 million, a decrease of 1.6%; user assets were 15.31 billion, a decrease of 0.8%. »
A small comparison with the last report published in September allows us to confirm this slight increase in bitcoin holdings reported by WuBlockchain. If the number of coins was 588,000 a month ago, an additional 878 coins were added to Binance wallets.
As for the declines mentioned for other altcoins, AMB Crypto did not fail to remind strong regulatory pressures incurred by Binance at this time. The crypto media even went so far as to mention a rush towards self-custody solutions. Furthermore, the figures given constitute only one very small proportion of supply on Binance.
BNB heading towards crash?
AMB Crypto also delivered an analysis of the evolution of BNB with the publication of this proof of reserve report from Binance. On the one hand, there are signs of accumulation of Binance’s native crypto since August 22. This could notably refer to a possible rise in BNB.
But at the same time, the theory of a crash cannot be ruled out. Knowing that crypto analysts observed a similar trend between June 12 and August 11.
Moreover, the 5% fall in BNB from its weekly high does not bode well. The Relative Strength Index (RSI) and Money Flow Index (MFI) for this period between June and August demonstrate low confidence in BNB. The BNB weighted sentiment measure has not climbed further since late September.
Let’s not forget that Binance crypto has tumbled up to 14% between the months of June and August.
In other words, the sentiment of crypto traders seems not conducive to this long-awaited bullish rally.
At the time of writing, BNB was trading at US$212.24.
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