From the perspective of asset reserves, here's Binance's current situation: Last month, due to the USDE incident, the reserve assets of all exchanges experienced fluctuations. Many people moved their funds from exchanges to external wallets. After a few weeks, Binance's reserve assets have stabilized at normal levels and recently rebounded by $4 billion, reaching $120 billion. The historical peak was on October 6, at $144 billion, which is about 17% lower. Binance currently holds 548,000 BTC, ranking second globally among exchanges in terms of Bitcoin holdings. As for USDT, Binance's reserve amount has reached $42.8 billion. A pure cash flow beast.