Binance’s latest proof-of-reserves figures show an interesting shift in customer holdings. During September 2026, users’ Bitcoin balances increased by nearly $537 million, while Ethereum holdings dropped by around $499 million.
That raises a simple question: are some traders moving from ETH into BTC?
The numbers come from Binance’s proof-of-reserves data, which compares the crypto held in the exchange’s wallets with the assets deposited by its customers. Exchanges began publishing these reports more widely after the collapse of FTX in 2022.
Bitcoin was the only major asset to gain
According to Binance, customer Bitcoin holdings increased 0.91% during September, reaching roughly 688,573 BTC.
Ethereum moved in the opposite direction. Customer ETH balances declined 4.61%.
USDT holdings also fell, down 0.87%, while BNB balances decreased 0.77%.
Why the shift toward Bitcoin?
Binance’s data does not explain why the balances changed. It only shows the total assets held for customers, so there is no way to confirm that users who sold ETH were the same users buying BTC.
Market performance may offer some context.
Bitcoin had gained almost 47% from its July low, based on rebound data from Binance Research. At the same time, sentiment around Ethereum weakened.
Santiment data showed that bearish posts about ETH were outnumbering bullish ones as October began. It was the weakest ETH sentiment reading since June 7.
Institutional investors appeared less concerned about the difference in sentiment. US spot Ethereum ETFs recorded about $850.8 million in inflows over seven consecutive days in late September.
Bitcoin ETFs attracted considerably more, with roughly $3.08 billion flowing in across nine sessions, according to SoSoValue.
How much does Binance hold above customer balances?
Binance reports holding more than 100% of customer deposits across all eight listed assets, although the extra reserves vary significantly by asset.
😬 Ethereum and XRP sentiment has suddenly turned very negative to kick off October. $ETH is down to 0.89 bullish comments per bearish comment across X, Telegram, Reddit, and other social platforms. This is its lowest ratio since June 7. $XRP sits at just 0.67, its lowest since… pic.twitter.com/ajxBKBVewE
— Santiment Intelligence (@SantimentData) October 1, 2026
For Bitcoin, Binance held around 691,004 BTC against approximately 688,573 BTC owed to customers. That leaves a surplus of about 2,431 BTC, or roughly $208 million at the current BTC price.
Ethereum was almost exactly matched, with only around 3 additional ETH held above customer balances.
The largest excess was in stablecoins, with Binance holding approximately $1.24 billion more USDT than customer deposits.
There is an important limitation, though. Proof of reserves is a snapshot of assets held in wallets on a particular date. It is not the same as a complete financial audit and does not show Binance’s own liabilities.
The next report should provide another data point on whether customer balances continue moving toward Bitcoin or whether September was simply a one-month shift.
