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On-Chain Data Counters Claims Binance Is Facing an FTX Moment

On-chain data suggest Binance is still financially stable despite a wave of online criticism likening the exchange to FTX.

Danielle du Toit2 min read

5 February 2026, 10:30 AM

CryptoQuant reported no meaningful changes in its Bitcoin reserves. While a  dip in Bitcoin’s price fueled social media speculation and coordinated account activity claiming users were leaving the platform, analysts say Binance’s on-chain metrics show no signs of liquidity stress. Although some people in the industry have raised concerns about leverage and market practices, Binance rejected claims that it triggered past market disruptions and maintains that the recent narrative is being driven in part by misinformation rather than underlying financial weakness.

Binance Unshaken by Market Volatility

On-chain data shows no signs of financial stress at Binance despite a surge of online criticism comparing the exchange to the collapse of FTX, according to blockchain analytics firm CryptoQuant. The company said Binance’s Bitcoin reserves are still stable, with holdings of roughly 659,000 BTC. This is only marginally higher than the 657,000 BTC that was reported at the end of 2025. 

The new scrutiny comes as Bitcoin briefly fell below $74,000 this week, which fueled speculation on social media that major exchanges could face liquidity pressure. However, analysts say Binance’s on-chain metrics do not reflect the kinds of reserve outflows or imbalances typically associated with exchange distress.

Concerns escalated after a cluster of similarly named X accounts posted identical messages claiming they decided to close their Binance accounts. A review of the accounts showed overlapping usernames, shared avatar imagery, and synchronized posting behavior, raising questions about whether the activity was coordinated or inauthentic. Some of the accounts appeared to have changed behavior in mid-2025, shifting suddenly toward crypto commentary.

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Sell Entry: 0.1353 (after re-test confirmation)
Stop Loss: 0.1401
Target: 0.1292

Denominated Preferred Stock Offering to Boost Bitcoin Holdings
News Desk November 4 2025

MicroStrategy Incorporated known as a leading Bitcoin treasury company announced on November 3. 2025 plans for an initial public offering of up to 350,0000 shares of its new 1,000 percent Series A Perpetual Preferred Stock ticker STRE also branded as Stream. Each share is priced at 100 euros aiming for gross proceeds of 350 million euros or about 380 million dollars at current exchange rates. Net proceeds will support general corporate needs with a key focus on buying more Bitcoin.

This is MicroStratelys first Euro denominated perpetual preferred stock issuance expanding from its US dollar based options like STRF STRK and STRD. Executive Chairman Michael Saylor a prominent Bitcoin advocate called it a key step Strategy is offering STRE Stream our first ever Euro Denominated Perpetual Preferred Stock to European and global institutional investors MSTR. The shares will list on the Luxembourg Euro MTF exchange for strong trading volume similar to its US listings which see 13 to 72 million dollars daily on Nasdaq.

The STRE shares provide a fixed 1000 percent annual cumulative dividend or 10 euros per share paid quarterly in cash starting December 31 2025. As a perpetual tool there is no maturity date or required redemption making it non callable by the issuer. This appeals to investors seeking steady yields with long term exposure without refinancing worries. In the company structure STRE ranks above STRK STRD and common stock but below convertible debt and senior prefs like STRF.

MicroStrategy highlights its solid Bitcoin backing At issuance each 1 euro of STRE will be supported by 56 times in Bitcoin value from its holdings of 641,205 BTC which is 31 percent of total supply valued at around 71 billion dollars at 110,000 dollars per BTC. Funds will go straight to Bitcoin purchases fitting the firms digital credit factory approach Issue tax efficient securities buy Bitcoin and create ROCK dividends return of capital tax deferred until sold. For US investors with 37 percent federal taxes this offers an effective 159 percent after tax nearly 2 to 4 times better than European high yield ETFs at 33 to 66 percent or hybrids at 6 percent yields over 3 to 5 years.

The news fits MicroStratelys strong 2025 with 198 billion dollars raised 88 percent used for Bitcoin 85 buys since 2020 and an 80 percent yearly return on MSTR stock almost 2 times Bitcoins and 4 times the S and P 500. With a 77 billion dollar market cap it ranks as the 138th largest US public company aiming to top Berkshire Hathaway in five years.

Recent Bitcoin Buy and Saylor Tease

The timing is perfect On November 3 MicroStrategy revealed buying 397 BTC from October 27 to November 2 at an average 114900 dollars per coin costing 456 million dollars raising total holdings over 641,000.

Saylor added hype with an X post on November 2 Orange is the color of November. The nod to Bitcoins orange theme sparked rally talk like past orange pill memes earning over 20,000 likes and 13 million views boosting Bitcoin 2 percent to 112,000 dollars that day.

Risks and Broader View

STRE has appeal but risks exist Credit analysis shows 26 to 35 percent Bitcoin risk chance of under collateral at zero growth and 44 percent volatility suggesting a fair spread of 397 basis points. In positive cases 10 percent yearly Bitcoin growth and volatility down to 30 percent it reaches investment grade at 4 to 13 basis points. Critics note Bitcoins swings but MicroStratelys results beating Mag7 stocks build trust.

The offering shows Europes rising crypto interest under MiCA rules placing MicroStrategy as a link between traditional finance and digital assets. Underwriters include top banks full details in prospectus on microstrategycom stream.

As Saylor Stream reaches Europe MicroStrategy is not just holding Bitcoin it is shaping its flow.

This article uses public filings announcements and market data as of November 4 2025.
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