Are Binance Users Selling Ethereum for Bitcoin?

In September 2026, Binance users added nearly $537 million in Bitcoin, according to its proof of reserves data. Meanwhile, their Ethereum holdings fell by roughly $499 million. Are traders selling ETH to buy into BTC?The data compares what the exchange holds in its wallets with what customers have deposited. Crypto exchanges began publishing these checks after the FTX collapse in 2022.How Binance Customer Balances Changed in SeptemberBitcoin was the only major asset where customer balances grew. Holdings rose 0.91% to about 688,573 BTC, according to Binance.Ethereum balances dropped 4.61%. Customer holdings of Tether’s USDT stablecoin slipped 0.87%. Balances of BNB, Binance’s own token, fell 0.77%.Why Did Customers Favor Bitcoin Over ETH?Binance’s report gives no reason for the shift. It counts totals only and does not show whether the same customers sold ETH to buy Bitcoin.However, price moves form one backdrop. Bitcoin has climbed nearly 47% from its July low, per .Mood around ETH also soured. Bearish social media posts about ETH outnumbered bullish ones as October began, according to analytics firm Santiment. That marked the June 7.Wall Street investors, however, kept buying both. US spot Ethereum ETFs, which let investors buy ETH through a stock account, took in about $850.8 million over seven straight days in late September.Bitcoin funds drew roughly $3.08 billion over nine sessions, according to SoSoValue data.How Much Spare Crypto Does Binance Hold?Binance holds more than 100% of customer deposits in each of its eight listed assets. However, the cushion is uneven.The exchange holds 691,004 BTC against 688,573 BTC owed to customers. That 0.35% surplus is about 2,431 BTC, or roughly $208 million at Bitcoin’s current price.ETH is covered almost to the coin, with about 3 spare ETH. The biggest buffer sits in stablecoins, including $1.24 billion in extra USDT.Still, the report is a one-day snapshot of wallets, not a full audit. It does not cover Binance’s own debts. The November report will show whether the shift toward Bitcoin continues.