Binance's total reserves fluctuate in dollar value with price changes

Binance co-founder Yi He explained that the dollar-denominated total of the exchange's reserves can fluctuate with crypto price movements, responding to a user on X who claimed Binance reserves fell from 151 billion USDT to 127 billion USDT between September 29 and the reporting date. She clarified that a decline in the total does not necessarily mean outflows of the same magnitude. According to PANews, Yi He described how DeFiLlama calculates the figure: it aggregates publicly available proof-of-reserves (PoR) data across both cold and hot wallet addresses and applies token prices from the relevant dates to derive the dollar total. The clarification matters because reserve totals are closely watched as a gauge of exchange solvency, and misreading price-driven swings as withdrawals can fuel unfounded solvency concerns. What to watch next is whether Binance publishes updated PoR snapshots and whether DeFiLlama's methodology notes gain wider visibility to prevent similar misinterpretations.