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Binance, the world’s largest cryptocurrency exchange, has released its fifth Merkle tree reserve proof, revealing a significant surge in user holdings.
As of May 1, the total amount of Bitcoin held on the exchange increased by 2.28% from the previous month, reaching 581,758. In contrast, the amount of Ethereum in user wallets decreased by 1.97% to 4,358,684.
Binance’s Merkle tree reserve proofs are designed to demonstrate that the exchange holds sufficient reserves to back up all user funds in a 1:1 ratio. The company’s statement clarifies that these reserves do not include Binance’s corporate holdings.
Binance users also saw a substantial increase in their Tether (USDT) holdings, with a 1.69 billion USDT surge pushing the total USDT amount to 22.85 billion.
In addition, user wallets hold 40.7 million BNB and 31.7 million Solana (SOL).