On December 1, 2025, Binance released its 37th Proof of Reserves report, revealing notable shifts in users’ asset allocations. According to the report reviewed on Wu Blockchain, there have been increases in Bitcoin (BTC) 
$95,195 and BNB reserves, while Ethereum (ETH) 
$3,334 and Tether (USDT) have seen declines.
Bitcoin and BNB Reserves Strengthen
Data from Binance indicates that users’ BTC assets rose from 593,852 BTC at the beginning of November to 617,620 BTC by the start of December, marking a 4% increase. This shift corresponds to a net inflow of approximately 23,768 BTC. The rise suggests renewed investor confidence in the exchange, despite market volatility, and a growing inclination among users to expand their Bitcoin positions.
Similarly, Binance’s altcoin, BNB, experienced a growth in reserves from 37.88 million to 39.42 million, equivalent to a 4.06% increase. This uptick in BNB reserves is attributed to the expanding usage within the Binance ecosystem. Core drivers of this demand include increased use in staking, Launchpad, and blockchain-related fee payments.
The boost in these two assets’ reserves reflects market participants’ trust in Binance and a propensity for long-term cryptographic asset holding. The expansion in BTC reserves may also be supported by spot ETF flows and end-of-year portfolio adjustments.
Notable Decline in Ethereum and USDT
On the flip side of the December report are two major assets that experienced reductions. Binance users’ Ethereum balances decreased from 4.09 million ETH in November to 4.04 million ETH, a decline of 1.32%. The outflow of approximately 54,257 ETH is attributed to profit-taking or a shift towards DeFi activities. This decrease occurring before key Ethereum ecosystem updates reflects short-term uncertainties affecting user behavior.
In the stablecoin section, USDT reserves fell from $34.73 billion to $34.30 billion, registering a 1.24% decrease. The $430 million decline is indicative of liquidity management and a transition among users to alternative assets. Stablecoin outflows are often aligned with increased market risk appetite, hinting at a period where investors are exploring buying opportunities.
Though the reductions in ETH and USDT do not weaken Binance’s overall reserve strength, they highlight differentiations in user behaviors.
