ETH | October 31 proof of reserves can be independently verified | I’m more concerned about liquidity after the snapshot
My stance is to watch cautiously. The currently trending topic on Binance Square, “#Binance October 31 proof-of-reserves snapshot: zero-knowledge proof generated,” is directly relevant to ETH holders. Binance’s fifth security recovery announcement on November 2 stated that the complete zero-knowledge proof for the reserve snapshot taken at 08:00 Beijing time on October 31 had been generated. Binance users holding ETH and nine other tokens can use the verification tool on the official proof-of-reserves page to check whether their balances are included in at least 1:1 coverage. Binance’s verified official News account also reiterated the same update. The most important points here are that “users can verify for themselves” and the “snapshot time.” The proof for October 31 should not be described as a real-time audit of balances every second as of this moment.
I look at proof of reserves in three layers: first, whether my account balance is included in the Merkle tree; second, the relationship between the covered assets and user balances established by the zero-knowledge proof; and third, whether the platform continues to process actual withdrawals reliably after the snapshot. The first two layers improve verifiability; the third still needs to be monitored through the latest status page and subsequent announcements. Binance announced plans to take another snapshot on November 4, expand the range of tokens covered, and said it expects the new proof calculation to take 40 to 50 hours. This is a plan, not something that should be treated as completed in advance. Recent withdrawals of additional tokens on the ETH mainnet are also being restored in phases by asset and network; that does not mean all the mentioned tokens are available at the same time.
The impact on ETH’s price is not straightforward. Improved custody confidence could ease the risk discount applied to exchanges, but proof of reserves does not automatically create buying demand for ETH, and users withdrawing ETH from the platform cannot be directly equated with selling. On the institutional side, the November 2 U.S. ETH spot fund table from Farside showed combined net outflows of about $139.7 million, including $138.3 million from ETHA. These fund flows are a separate area to monitor from Binance’s proof of reserves. The Federal Reserve also kept its target range at 3.75% to 4%; today’s proof did not change that.
The current market picture: the latest Kraken ETH/USD trade was around $2,261.98, with a 24-hour low of $2,233.51 and a high of $2,300. The price is slightly above today’s opening price of $2,249.46, but has not yet broken through the range above. First, I’ll watch to see whether it can hold near the intraday high of $2,264.48, then look to $2,300. The nearer support below is $2,237.46. If the price falls back below $2,237.46 and withdrawal status shows significant problems again, I’ll abandon my view that the risk premium is easing. I’d only consider a more bullish stance if it holds above $2,300 and fund flows improve.
If I were trading this myself: I wouldn’t enter now. I’d only consider a spot long, with a position capped at 2% of my account balance. The trigger would be ETH moving above $2,265, holding on a retest, and confirmation that the official withdrawal status has not deteriorated. The first target would be $2,285, where I’d take half off; I’d hold the rest toward $2,300. I’d set the initial stop-loss at $2,235, and close early if a retest falls below $2,265 and momentum remains weak. If the conditions aren’t met, I’d stay out; I won’t present observation as if it were already profitable.
#币安10月31日储备金证明快照零知识证明已生成 #ETH
The above is solely my personal market observation and does not constitute investment advice.
My stance is to watch cautiously. The currently trending topic on Binance Square, “#Binance October 31 proof-of-reserves snapshot: zero-knowledge proof generated,” is directly relevant to ETH holders. Binance’s fifth security recovery announcement on November 2 stated that the complete zero-knowledge proof for the reserve snapshot taken at 08:00 Beijing time on October 31 had been generated. Binance users holding ETH and nine other tokens can use the verification tool on the official proof-of-reserves page to check whether their balances are included in at least 1:1 coverage. Binance’s verified official News account also reiterated the same update. The most important points here are that “users can verify for themselves” and the “snapshot time.” The proof for October 31 should not be described as a real-time audit of balances every second as of this moment.
I look at proof of reserves in three layers: first, whether my account balance is included in the Merkle tree; second, the relationship between the covered assets and user balances established by the zero-knowledge proof; and third, whether the platform continues to process actual withdrawals reliably after the snapshot. The first two layers improve verifiability; the third still needs to be monitored through the latest status page and subsequent announcements. Binance announced plans to take another snapshot on November 4, expand the range of tokens covered, and said it expects the new proof calculation to take 40 to 50 hours. This is a plan, not something that should be treated as completed in advance. Recent withdrawals of additional tokens on the ETH mainnet are also being restored in phases by asset and network; that does not mean all the mentioned tokens are available at the same time.
The impact on ETH’s price is not straightforward. Improved custody confidence could ease the risk discount applied to exchanges, but proof of reserves does not automatically create buying demand for ETH, and users withdrawing ETH from the platform cannot be directly equated with selling. On the institutional side, the November 2 U.S. ETH spot fund table from Farside showed combined net outflows of about $139.7 million, including $138.3 million from ETHA. These fund flows are a separate area to monitor from Binance’s proof of reserves. The Federal Reserve also kept its target range at 3.75% to 4%; today’s proof did not change that.
The current market picture: the latest Kraken ETH/USD trade was around $2,261.98, with a 24-hour low of $2,233.51 and a high of $2,300. The price is slightly above today’s opening price of $2,249.46, but has not yet broken through the range above. First, I’ll watch to see whether it can hold near the intraday high of $2,264.48, then look to $2,300. The nearer support below is $2,237.46. If the price falls back below $2,237.46 and withdrawal status shows significant problems again, I’ll abandon my view that the risk premium is easing. I’d only consider a more bullish stance if it holds above $2,300 and fund flows improve.
If I were trading this myself: I wouldn’t enter now. I’d only consider a spot long, with a position capped at 2% of my account balance. The trigger would be ETH moving above $2,265, holding on a retest, and confirmation that the official withdrawal status has not deteriorated. The first target would be $2,285, where I’d take half off; I’d hold the rest toward $2,300. I’d set the initial stop-loss at $2,235, and close early if a retest falls below $2,265 and momentum remains weak. If the conditions aren’t met, I’d stay out; I won’t present observation as if it were already profitable.
#币安10月31日储备金证明快照零知识证明已生成 #ETH
The above is solely my personal market observation and does not constitute investment advice.
