Binance Reserves Exceed 100% for DOGE, SHIB, and XRP

TL;DR
1. Ripple requests one-week extension for remedies-related discovery in SEC legal battle.
2.Despite SEC approval of Bitcoin ETFs, BTC wallet activity declines, signaling investor FUD.

Binance, one of the leading cryptocurrency exchanges, has disclosed its latest proof-of-reserves report, revealing its holdings of various cryptocurrencies compared to its customers' balances. The report highlights Binance's substantial reserves of three prominent assets: Dogecoin (DOGE), Shiba Inu (SHIB), and XRP.

According to the report, Binance holds approximately 12.2 billion DOGE, 69.4 trillion SHIB, and 2.7 billion XRP. Notably, Binance's reserves for these tokens slightly exceed those of its users, with ratios of approximately 100.6%, 103.6%, and 101% for DOGE, SHIB, and XRP, respectively. This strategy enables Binance to ensure ample liquidity and effectively manage its risk exposure in the face of market fluctuations and unexpected spikes in demand.

Ripple Seeks Extension in SEC Lawsuit

In the ongoing legal battle between Ripple and the US Securities Exchange Commission (SEC), Ripple has filed a crucial request for a one-week extension regarding remedies-related discovery. The request aims to extend the deadline from February 12 to February 20, 2024.

Ripple's request comes in response to the SEC's demand for post-complaint contracts and financial statements from 2022 and 2023. The company intends to comply with these requests, emphasizing the need for additional time to gather and produce the required documents. Notably, the extension request has received consent from the SEC, underscoring a collaborative approach in the legal proceedings.

Bitcoin Wallet Activity Declines Post-ETF Approvals

Despite the SEC's approval of 11 spot Bitcoin ETFs, recent data indicates a decline in Bitcoin wallet activity. According to Santiment, there has been a decrease in the number of BTC wallets holding more than zero coins, signaling growing investor fear, uncertainty, and doubt (FUD).

IntoTheBlock data further corroborates this trend, revealing significant reductions in daily active addresses, new addresses, and active addresses. Additionally, there has been a notable increase in zero-balance addresses. Over the past week, daily active addresses dropped by 35.95%, while new addresses and active addresses fell by 5.99% and 24.40%, respectively.

Overall, these findings suggest a shifting interest away from direct Bitcoin ownership towards alternative investment options, amid concerns surrounding market conditions and regulatory developments.

Conclusion:Binance Reserves and Lawsuit

Binance's reserves for DOGE, SHIB, and XRP exceed 100%, signaling the exchange's proactive risk management approach. In the Ripple v. SEC lawsuit, Ripple seeks an extension for discovery, with consent from the SEC. Despite ETF approvals, Bitcoin wallet activity declines, reflecting investor apprehension and a shift in investment preferences.