Binance’s tracked ERC-20 stablecoins stood near $32 billion on November 10, down from roughly $41 billion to $42 billion in late October, while OKX’s reserves fell to around $9 billion. The decline does not indicate that Binance’s funds reappeared at OKX. At 10:42 UTC, Binance’s public order book showed about $1.98 million in USDT bitcoin buy orders within 0.05% of the midpoint, compared with $980,000 on OKX. This isolated snapshot shows more displayed buying interest on Binance, but does not establish durable liquidity or measure purchases actually executed. A recovery in stablecoin balances combined with buy orders that are regularly replenished would provide a stronger signal than a one-time observation of reserves.
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