Binance, the world’s largest cryptocurrency exchange, has released its 33rd Reserve Report, revealing significant changes in the amount of Bitcoin (BTC) and Ethereum (ETH) held by customers.
According to the report, users increased their Bitcoin balances in July, while Ethereum volumes on the exchange decreased significantly.
Binance data showed that users held about 591,164 BTC on the exchange as of August 1, up 2.99% from the previous month. This suggests that users either deposited more coins or kept most of their bitcoin on Binance, leading to an increase of 17,167 BTC. Tether (USDT), BNB (BNB), and XRP (XRP) balances also increased.
At the same time, users have been reducing their Ethereum holdings on the exchange over the past three months. From June 1 to July 1, Ethereum balances fell by 5.34%. The decline was even more significant from July 1 to August 1, amounting to 9.84%. This resulted in a total token supply of 4.55 million ETH after a decline of 496,984 ETH.
This does not necessarily indicate a loss of interest in Ethereum. When users withdraw assets from the exchange, it can indicate confidence. Such actions are often associated with long-term storage rather than short-term trading.
“BTC and USDT reserves rising = active buying on dips. ETH supply falling = users pulling ETH off exchanges, likely for staking or storage,” analyst Cas Abbé wrote in X .
While retail users adjusted their portfolios, institutional investors were actively accumulating ETH. Data from the Strategic ETH Reserve website showed that from June to July, institutions increased their holdings from 916,268 ETH to 2.3 million ETH. By the end of July, the reserve exceeded $10 billion.
“ETH treasuries have purchased 1% of all ETH in circulation in just two months, twice as fast as corporate treasuries are buying Bitcoin (BTC),” Standard Chartered’s head of digital asset research Jeff Kendrick told BeInCrypto in late July.
Companies like BitMine Immersion Technologies and SharpLink Gaming are actively participating in this trend, investing billions of dollars in ETH. Investor confidence in the second-largest cryptocurrency also remains high.
Recently, Fundstrat co-founder and BitMine chairman Tom Lee called Ethereum “the biggest macro deal of the next decade.” In an interview, he also noted that Ethereum could overtake Bitcoin in network value.
“ETH has more upside potential than Bitcoin. If Bitcoin can grow 100x, then Ethereum can do it too. There is a significant chance that Ethereum will overtake Bitcoin in network value. If Bitcoin is worth a million, imagine what that means for Ethereum. This is not only financialization on the blockchain by Wall Street, but also part of the US focus on AI dominance,” he noted.
These comments highlight the growing popularity of ETH due to its diverse applications. They also highlight Ethereum’s role as a key asset for Web3, making it attractive to long-term investors.
Источник: cryptocurrency.tech
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