Binance BTC, ETH Holdings Fall, While USDT Stays Elevated at $38.1 Billion
Summary
- Binance’s BTC holdings fell by about 23,000 tokens, or roughly 3.3%, over the past week.
- Binance’s ETH holdings also dropped by about 110,000 tokens, or roughly 3%, over the same period.
- By contrast, USDT holdings remained high at about $38.1 billion, and CryptoQuant said whether that stablecoin liquidity shifts into spot buying demand will be the key signal.
Forecast Trend Report by Period
Binance’s Bitcoin and Ether holdings both declined over the past week, while its Tether holdings remained at a high level.
According to on-chain analytics platform CryptoQuant on Sept. 29, Binance’s Bitcoin holdings fell by about 23,000 BTC to 678,000 on Sept. 28 from roughly 701,000 on Sept. 21. That marks a weekly decline of about 3.3%.
Binance’s Ether holdings also fell to about 3.54 million on Sept. 28 from roughly 3.65 million on Sept. 19.
That was a drop of about 110,000 ETH, or around 3%.
By contrast, Binance’s USDT holdings remained high at about $38.1 billion. In other words, liquidity in the dollar-pegged stablecoin did not exit in a significant way even as crypto asset balances declined.
CryptoQuant said BTC and ETH balances were falling together while USDT remained elevated. It added that whether this stablecoin liquidity remains on the sidelines or shifts into spot buying demand will be the key signal.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.