Binance Reserve Proof: Binance has sold a large amount of USDC in exchange for BTC and ETH

ChainCatcher news, according to Cointelegraph, Binance's latest proof of reserves (PoR) shows that Binance's USDC balance decreased from $3.4 billion on March 1 to $23.9 million on May 1.

On-chain analyst Aleksandar Djakovic pointed out that after the collapse of Silvergate and Signature banks, Binance purchased approximately 100,000 BTC and 550,000 ETH between March 12 and May 1, totaling about $3.5 billion, which is equivalent to the surplus amount of USDC they held.