Binance Users Shifted $537M to Bitcoin, $499M from Ethereum in September
Binance's proof of reserves reveals significant capital flows between Bitcoin and Ethereum in September.
- Binance users moved $537M into Bitcoin and $499M out of Ethereum in September.
- Bitcoin's market cap dominance grows as Ethereum sees outflows.
- Market remains relatively stable despite large capital shifts.
Binance's latest proof of reserves data, as reported by BeInCrypto, shows a notable shift in user holdings during September. The exchange recorded $537 million in net inflows to 
Bitcoin (BTC) and $499 million in net outflows from 
Ethereum (ETH) over the month.
This data suggests that Binance users may be reallocating their crypto holdings, favoring Bitcoin over Ethereum. The trend is particularly noteworthy given the relatively stable overall market conditions during the period.
The figures from Binance's proof of reserves provide a rare glimpse into user behavior on one of the world's largest crypto exchanges. While the broader market remained flat, with a total crypto market cap of $2.98 trillion, the capital shift indicates potential changes in investor sentiment.
As of the latest data, Bitcoin is trading at $42,503, down 0.08% in the last 24 hours but up 2.90% over the past week. Ethereum, on the other hand, is at $2,689.52, showing a 0.70% drop in the last day and a modest 0.60% gain over the week. The Fear & Greed Index stands at 73, indicating a state of 'Greed' among investors.
This capital shift could reflect a broader trend of investors seeking perceived stability in Bitcoin amidst market uncertainties. The data underscores the dynamic nature of investor preferences and the ongoing evolution of crypto market dynamics.
At today's peer-to-peer rate, 1 BTC ≈ ₦117.01M (about $85,529.00), down 0.3% over 24 hours. The naira itself trades about 2.8% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
Bitcoin — questions
How much is 1 Bitcoin worth in naira today?
About ₦117.01M at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $85,529.00. The naira price moves with both BTC's US-dollar price and the USDT/NGN rate; use our Bitcoin in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from BeInCrypto. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.