In September 2026, Binance users deposited nearly $537 million in Bitcoin on the exchange. At the same time, their Ethereum reserves decreased by approximately $499 million. This raises the question of whether traders are buying Bitcoin by selling ETH. Available data allows for a comparison of how much funds are held in the exchange's wallets with what clients have deposited. Cryptocurrency exchanges began publishing such information after the collapse of FTX in 2022.
Bitcoin was the only major asset for which client account balances on the platform increased. According to Binance, the total balance increased by 0.91% to about 688,573 BTC. Ethereum reserves decreased by 4.61%. The volume of the stablecoin USDT decreased by 0.87%. The amount of BNB, Binance's token, decreased by 0.77%. The Binance report does not explain the shift in balances. It only shows the final amounts without breaking down whether the same client sold ETH to buy Bitcoin. The price dynamics stand out against the general backdrop. Since July, Bitcoin has risen by nearly 47%. The atmosphere around ETH has worsened. According to analytics company Santiment, in early October, the number of bearish posts about ETH on social media exceeded the number of bullish ones. This is the lowest sentiment indicator for ETH since June 7. Meanwhile, Wall Street investors continued to buy both assets. U.S. spot Ethereum ETFs attracted about $850.8 million over seven days at the end of September. Bitcoin funds attracted approximately $3.08 billion over nine trading sessions.
Binance ensures coverage of over 100% of client deposits for all eight assets on the list. The exchange holds 691,004 BTC, while it owes clients 688,573 BTC. The surplus is 0.35%, or about 2,431 BTC, approximately $208 million at the current Bitcoin exchange rate. Ethereum is almost fully covered, with a balance of just over 3 ETH. The largest cushion is in stablecoins, including $1.24 billion in excess USDT. However, the report captures the state of wallets only on one date and is not a full audit. Binance's own debts are not reflected in it. The November report will clarify whether the trend of increasing the share of Bitcoin continues.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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