Binance USDT Netflow Hits +$1.0B On Tron, But Combined Is Just +$76M

Binance USDT netflow on Tron reached +$1.00 billion on October 9, the biggest daily inflow since April 30, according to a CryptoQuant Quicktake by CryptoOnchain. Read alone, that looks like fresh money piling onto the exchange. Read next to the Ethereum side, it looks like a transfer from one pocket to another.

On Ethereum, the same day showed Binance USDT netflow of minus $926 million. Add the two together and the exchange took in a net $76 million, a small number against a $1 billion headline. Over the last seven days the combined figure is minus $20 million.

The Tron reserve explains why the bar grew so tall. Binance's Tron-side USDT stood at $1.47 billion on September 28. It slid to $0.79 billion by October 8 after six days of outflow, a drop of 46%, then jumped to $1.79 billion on October 9. The combined reserve across both chains sat near $39.27 billion.

CryptoOnchain's Binance USDT netflow chart on CryptoQuant, with the reserve history underneath. The chart labels its latest point as subject to revision.

Binance USDT netflow by chain: one day, two networks

A second chart in the same Quicktake tracks supply instead of exchange flows. USDT supply on Tron rose by $988 million on October 9, the largest daily rise since August 21 on that chart. Ethereum USDT supply fell by $885 million the same day. The two moves sum to about +$103 million.

The author adds a note on the data itself. CryptoQuant's all-stablecoin series for Binance appears to cover ERC-20 tokens only, since its $42.05 billion reserve matches USDT on Ethereum plus USDC. Its minus $860 million netflow that day therefore shows one side of the move. Binance's Ethereum-side USDT reserve fell to $37.48 billion, the lowest in six months.

DefiLlama's pages for Tron and Ethereum show the same direction in their own series, with Tron adding roughly $0.7 billion and Ethereum shedding roughly $0.9 billion over that step. The sizes differ from CryptoQuant's because the trackers cut the day at different timestamps. What matches is the pattern, a large amount of USDT leaving one chain while about as much appeared on the other.

Why the combined netflow is the cleaner read

Chain-by-chain flows can mislead, because a token can be redeemed on one network and issued on another without any new buyer arriving. On CryptoOnchain's reading, the combined reserve is the cleaner gauge of exchange liquidity. By that measure Binance changed where it holds USDT and did not add much of it.

USDC tells a different story on the same chart. Its circulating supply fell from $18.51 billion on September 26 to $15.90 billion on October 9, a decline of 14.1%. We covered the earlier part of that slide in our USDC supply report.

CryptoQuant flags October 9 as the latest data point and says it may be revised, so the next update could shift the totals. Both charts are the author's own work, built on CryptoQuant data and credited on the images.