Binance users cut their Ethereum exposure by 1.41% over 30 days through July 1, according to the exchange's latest Proof of Reserves report. Holdings fell to approximately 4.08 million ETH.
The shift came as users moved capital in the opposite direction for Bitcoin. Bitcoin holdings on the platform rose 1.22% to roughly 640,000 BTC over the same period. Stablecoin exposure also contracted, with USDT balances declining 1.51% to about 33.7 billion tokens.
The data forms part of Binance's 44th PoR attestation, which the exchange publishes monthly to detail user asset custody. The reports track deposits, withdrawals and shifts in asset composition across Binance's custody pools without revealing individual account information. The July 1 snapshot represents one of the more volatile periods in crypto markets, with Ethereum trading below $3,400 in early July following broader market weakness in late June.
Relative Bitcoin strength has been a recurrent theme across major exchanges through 2024. Bitcoin's dominance by market capitalization has climbed steadily, while Ethereum's share has contracted. The movement at Binance aligns with that macro trend, though single-month swaps in user allocations often reverse in subsequent periods depending on price action and trading sentiment.
Userholdings data from custodians and exchanges remain closely watched by traders and institutional buyers as a proxy for directional positioning and potential future price pressure. Large outflows from a single asset can indicate either growing bearish sentiment or reallocation toward perceived opportunities elsewhere.
