Any Bitcoin recovery faces a cash problem as Binance’s stablecoins fall to $32 billion
Summary
Binance’s tracked ERC-20 stablecoin reserves fell to about $32 billion by Nov. 10, from roughly $41–42 billion in late October. The decline may partly reflect wallet changes or transfers to other networks, and does not establish an equivalent loss of customer funds or buying capacity. In a snapshot around 10:42 UTC, Binance showed about $1.98 million in BTC-USDT buy orders within 0.05% below the midpoint, versus about $980,000 on OKX. This indicates greater displayed near-market buying interest on Binance at that moment, but orders can change and the comparison cannot establish lasting liquidity or actual purchases. Reserve balances, customer assets and active buy orders measure different things.
