Binance bank run? Reserves show a $40B drop yet Bitcoin holdings rose to 655k BTC, so what changed?

Renewed speculation about a liquidity crunch at Binance, fueled by social media warnings and reports of significant outflows, revived fears of insolvency following recent market volatility. While data aggregators suggested a $2 billion outflow in a month and total assets dropped by $40 billion from a peak of $178 billion, analysis suggests this dollar-denominated drop was largely due to the falling price of Bitcoin, not a catastrophic drain of customer funds. Crucially, on-chain data from CryptoQuant indicates that Binance's actual Bitcoin reserves increased to over 655,000 BTC, up from a January low. Binance leadership, including co-founder He Yi, characterized the chatter as a deliberate "withdrawal campaign" and emphasized that deposits exceeded withdrawals during the panic. The exchange continues to point to its proof-of-reserves, which shows over-collateralization, while also cautioning users about the limitations of third-party data trackers.

(Source：CryptoSlate)