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Binance’s latest proof of reserves snapshot, dated June 1, 2026, shows the exchange holding approximately 34.3 billion USDT in user balances alongside roughly 632,580 BTC. At prevailing Bitcoin prices hovering between $61,000 and $62,000, the raw dollar value of those BTC holdings comes to somewhere around $38.6 billion to $39.2 billion, which actually edges out the USDT figure.
What the numbers actually show
Binance’s 43rd monthly proof of reserves report, part of a transparency initiative the exchange has maintained since late 2022, captures both net user balances and on-chain wallet balances across hot storage, cold storage, and third-party custody arrangements.
The Bitcoin side of the ledger looks bullish. BTC balances climbed roughly 4.26% from the prior month, an increase of approximately 25,838 BTC. At current prices, users added over $1.5 billion worth of Bitcoin to their Binance accounts in a single month.
The USDT side tells the opposite story. Stablecoin holdings dropped by approximately 460 million USDT month-over-month. When Bitcoin balances are rising while stablecoin balances are falling, it typically means one thing: people are buying. Traders are converting their stable holdings into BTC, shifting from a “wait and see” posture to an “I’m in” posture.
Context and credibility of the data
Binance launched its proof of reserves program in late 2022, a direct response to the industry-wide trust crisis that followed the collapse of FTX. The program now spans 43 monthly reports, making it one of the longest-running transparency efforts among major centralized exchanges. The reports track net user balances across multiple assets, including BTC, ETH, and USDT, and cross-reference them against on-chain wallet data.
It’s worth noting that proof of reserves reports have their limitations. They show a snapshot at a single point in time and don’t capture liabilities in the way a traditional audit would.
What this means for investors
The decline in USDT reserves suggests that a meaningful chunk of sidelined capital has already entered the market. If Bitcoin is trading between $61,000 and $62,000 and traders are actively converting stablecoins to BTC, it means current price levels are being viewed as attractive entry points rather than warning signs.
The risk is that this rotation proves premature. If Bitcoin prices retreat significantly from the $61,000 to $62,000 range, traders who converted stablecoins to BTC would be sitting on unrealized losses with less dry powder available to average down. The 460 million USDT that left the stablecoin pile is 460 million USDT that can’t be deployed as a safety net.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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