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๐ฅ๐ฅBinance Users Show Strong Confidence with $115B in Crypto Holdings Despite Regulatory Pressures ๐ฅ๐ฅ
Recent insights from Binanceโs proof of reserves reveal a resilient user base, with $115 billion in crypto holdings, a significant rise from $61 billion a year ago. Even amidst US regulatory scrutiny, user confidence in Binance remains steadfast.
The SEC recently ended its probe into Paxos, linked to the Binance stablecoin BUSD, which has seen a dramatic reduction in circulation. Despite this, other stablecoins like TrueUSD, USDT, and FDUSD have stepped in to fill the gap.
Interestingly, only 20% of user funds are in stablecoins, down from over 50% before regulatory issues. This shows a strong preference for non-dollar-pegged assets, with $BTC , $BNB , and $ETH making up a significant portion of holdings.
User funds distribution indicates a strategic shift towards more volatile assets, with Bitcoin now comprising over one-third of holdings, up from 18% in December 2022. BNB has also seen a rise, while ETH remains stable.
The changing landscape of user funds on Binance underscores the platformโs robust trust among its users, despite regulatory challenges. This confidence hints at an optimistic outlook for crypto prices moving forward.
