Binance's 41st Proof of Reserves report, based on an April 1 snapshot, reportedly shows user BTC holdings at approximately 619,000 BTC, continuing a multi-month decline in bitcoin balances held on the world's largest cryptocurrency exchange.
What Binance's Latest Reserve Numbers Show
According to an unconfirmed report, Binance published its 41st Proof of Reserves update using an April 1 snapshot date, with user bitcoin holdings listed at roughly 619,000 BTC. The official Binance Proof of Reserves page hosts the full report, though independent verification of the April 1 figures was not possible at time of writing.
The reported figure fits a clear downward trend. Binance's 39th report, snapshot Feb. 1, showed user BTC holdings at about 639,000 BTC, which was up 0.41% (2,614 BTC) from Jan. 1.
By the 40th report on Mar. 1, that balance had dropped to approximately 631,000 BTC, a 1.25% decline of roughly 8,004 BTC in a single month.
If the reported 619,000 BTC figure for April 1 holds, it would represent another drop of about 12,000 BTC from March, bringing total user bitcoin balances down roughly 20,000 BTC, or about 3.1%, since the February snapshot.
ETH Reserves Tell a Similar Story
Bitcoin is not the only asset seeing declining balances. CryptoQuant analyst Amr Taha noted that Binance's ETH reserves had fallen to 3.3 million ETH by April 3, slipping below the previous low of 3.53 million ETH set in February 2024.
Declining exchange reserves can signal users moving assets to self-custody wallets or deploying capital into DeFi protocols. In a period where Strategy recently reported a $14.46 billion bitcoin loss while continuing to buy more BTC, large holders appear to be actively repositioning.
Why BTC Holdings Are the Lead Metric
Proof of Reserves updates serve as Binance's primary voluntary transparency tool, letting users verify that the exchange holds sufficient assets to cover deposits. BTC is the headline figure because bitcoin remains the largest single asset by user balance on the platform.
The steady decline from 639,000 to 631,000 to a reported 619,000 BTC over three consecutive monthly snapshots marks one of the more sustained drawdowns in Binance's reporting history. This trend is unfolding as Bitcoin spot ETFs continue to attract inflows, suggesting some capital may be rotating from exchange custody into regulated fund structures.
Bitcoin traded at $68,337 at press time, down 1.8% over the prior 24 hours, with a market cap of roughly $1.37 trillion.
What to Watch After Binance's Latest Snapshot
The Fear & Greed Index sat at 11 on April 7, deep in "Extreme Fear" territory. That sentiment backdrop adds context to the declining exchange balances: users may be withdrawing to cold storage as a defensive measure rather than actively selling.
As exchanges and protocols face growing scrutiny over asset security, Binance's next Proof of Reserves report, expected in early May with a May 1 snapshot, will show whether the BTC drawdown has stabilized or accelerated further.
Each snapshot is a single point in time. The April 1 figures, once fully confirmed, will serve as the new baseline for tracking whether users are returning bitcoin to the exchange or continuing to pull it off-platform.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.