Binance has released its 37th Proof of Reserves (PoR) snapshot, dated December 1, 2025, revealing a significant shift in user asset holdings. The data shows a notable accumulation of Bitcoin (BTC) on the platform, while holdings of Ethereum (ETH) and the stablecoin Tether (USDT) declined.
User Bitcoin balances increased by 4% month-over-month, reaching 617,620 BTC. This represents an addition of approximately 23,768 BTC since the snapshot from November 1. In contrast, user Ethereum holdings fell by 1.32% to 4.04 million ETH (a decrease of 54,257 ETH), and USDT balances slipped 1.24% to 34.3 billion USDT (down roughly 430 million USDT).
The exchange's reserve ratios, which verify that user assets are backed 1:1, were reported as follows: BTC at 102.11%, ETH at 100%, USDT at 109.16%, USDC at 137.7%, and BNB at 112.32%. Binance's total reserves were hovering near $120 billion as of November 30, with its USDT (ERC-20) reserves hitting a record $42.8 billion.
A key development highlighted by analysts is the sharp rise in Binance's stablecoin over-reserves, which have reached six-month highs. The USDT over-reserve ratio climbed to 109.16% from 101.52% in June, while USDC's ratio stands at 137.7%. The overall platform over-reserves are 12.32% above user funds. Analysts suggest this strengthens the exchange's liquidity and risk resistance capabilities, especially during market volatility, and aligns with regulatory expectations for fully available reserves.
Market observers, including CryptoQuant, have pointed out that Binance's Bitcoin reserve ratio has recently touched its lowest level since 2018. Historically, such conditions have preceded significant Bitcoin rallies due to reduced sell-side liquidity on the exchange. The data indicates that while Bitcoin is leaving exchanges globally in a trend toward self-custody, Binance is gaining market share, with users rebalancing portfolios toward Bitcoin during periods of uncertainty.
ZK
TAO
SOL
AVAX
LUNA