BeInCrypto • October 6th 2026, 5:48 PM
Are Binance Users Selling Ethereum for Bitcoin?
Key Summary
Binance users added nearly $537 million in Bitcoin in September, while their Ethereum holdings fell by roughly $499 million, sparking questions about traders selling ETH to buy into BTC. The data suggests a shift in investor sentiment, with Bitcoin's price climbing 47% from its July low and Ethereum sentiment turning bearish. However, Wall Street investors continued to buy both assets, with US spot Ethereum ETFs taking in $850.8 million over seven days in late September.
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Short Term Implications
Binance's proof of reserves data shows a significant shift in customer holdings, with Bitcoin being the only major asset where customer balances grew. Ethereum balances dropped 4.61%, while customer holdings of Tether's USDT stablecoin slipped 0.87%. The exact reason for this shift is unknown, but price moves and sentiment analysis suggest that traders may be selling ETH to buy into BTC.Market Outlook
Bitcoin's price has climbed nearly 47% from its July low, while Ethereum sentiment has turned bearish. Bearish social media posts about ETH outnumbered bullish ones as October began, according to analytics firm Santiment. This marked the weakest ETH sentiment since June 7.Industry Implications
Wall Street investors continued to buy both assets, with US spot Ethereum ETFs taking in $850.8 million over seven days in late September. However, Binance's report does not provide a reason for the shift in customer holdings. The exchange holds more than 100% of customer deposits in each of its eight listed assets, but the cushion is uneven. Binance's November report will show whether the shift toward Bitcoin continues.#Bitcoin#Crypto#Binance