Core Insights - Binance's Proof of Reserves indicates a significant shift in user behavior, with Bitcoin balances increasing while Ethereum (ETH) and Tether (USDT) balances are declining [1][2][3] User Behavior and Asset Balances - Binance users have increased their Bitcoin holdings by 4% month-over-month, totaling 617,620 BTC, which is an addition of 23,768 BTC since November 1 [2] - Ethereum holdings decreased by 1.32% to 4.04 million ETH, a drop of 54,257 ETH, while USDT balances fell by 1.24% to 34.3 billion USDT, a decrease of 430 million USDT [3] Reserve Ratios and Stability - As of November 30, Binance's total reserves were approximately $120 billion, with USDT (ERC-20) reaching a record high of $42.8 billion [3] - The over-reserve ratios for stablecoins are as follows: USDT at 109.16%, USDC at 137.7%, and BNB at 112.32%, indicating strong backing for user assets [4][7] - Overall platform over-reserves are 12.32% above user funds, enhancing the platform's risk resistance capabilities [6][7] Market Sentiment - The general sentiment on social media platforms suggests that the trend of accumulating Bitcoin is bullish, as users are favoring Bitcoin during periods of market uncertainty [3][5]