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Any Bitcoin recovery faces a cash problem as Binance’s stablecoins fall to $32 billion

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Any Bitcoin recovery faces a cash problem as Binance’s stablecoins fall to $32 billion

In one November 10 sample around 10:42 UTC, Binance had a greater value of Bitcoin buy orders than OKX within 0.05% below each venue’s midpoint. The $32 billion reserve figure covers ERC-20 stablecoins only.

Binance's tracked ERC-20 stablecoin reserves stand near $32 billion after a substantial contraction, giving traders a reason to test the exchange's remaining buying capacity against actual Bitcoin orders. A November 10 comparison with OKX showed Binance had a higher total value of nearby Bitcoin buy orders in one narrow slice of the market, even as its tracked stablecoin balance remained below October levels.

Community analyst Novaque Research via CryptoQuant put the balance at roughly $32 billion on Nov. 10, down from about $41 billion to $42 billion in late October. Its reserve comparison also put OKX near $9 billion, with balances trending lower there. That offers little support for a simple reading that Binance's lost tracked reserves have reappeared at that rival.

Bitcoin was trading around $74,000 on Nov. 10. Coinbase's BTC-USD ticker recorded a last trade of $74,056 at 10:41:58 UTC. The reserve observations arrive after the Oct. 29 hack at Binance and subsequent reopening of withdrawals, which CryptoSlate covered last week.

In a separate Nov. 9 post, community analyst oinonen_t via CryptoQuant reported a 25.6% decline in Binance's ERC-20 stablecoin reserves from an early-October starting point to 32 billion units. The same analysis reported a smaller 7.6% drop in Bitcoin reserves to approximately 673,000 BTC.

Those figures suggest a larger proportional retreat in the tracked stablecoin balance.


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