Bybit and OKX users raise BTC holdings as USDT balances fall

Bybit and OKX reported higher user Bitcoin holdings in their latest Proof of Reserves reports, while USDT balances moved lower on both exchanges. The data adds to a wider trend in exchange reserve reporting, where users appear to hold more Bitcoin and less stablecoin liquidity on some major platforms.

“Bybit and OKX Report Rising User BTC Holdings, Falling USDT Balances,” Wu Blockchain said. The post said Bybit’s June 24 snapshot recorded 49,309 BTC, up 10.22%, while OKX’s June 19 snapshot showed 123,056 BTC, up 10.67%.

The data came from the exchanges’ latest reserve pages. Bybit’s Proof of Reserves page tracks user assets and wallet backing. OKX’s Proof of Reserves page shows a 106% BTC reserve ratio, with 123,056 BTC in account assets and 130,063 BTC in wallet assets.

USDT balances fall on both platforms

The stablecoin side moved in the opposite direction. Bybit reported 5.319 billion USDT, down 4.12%, while OKX reported 9.268 billion USDT, down 9.52%. USDT often acts as a trading base and a waiting asset for users who want to enter or leave crypto positions quickly.

A drop in USDT balances does not prove that users bought Bitcoin. Proof of Reserves reports show a snapshot of balances, not user intent. Funds can move because of trading, withdrawals, transfers between products, or changes in market conditions.

The latest readings still matter because stablecoin balances can shape available exchange liquidity. A smaller USDT base can mean less dry powder for spot buying on that venue. It can also show that users moved funds into BTC, ETH, other stablecoins, or private wallets.

ETH data shows a mixed picture

Ethereum balances did not move the same way on both exchanges. Bybit reported 496,565 ETH, down 10.13%. OKX reported 1.652 million ETH, up 6.15%. That split shows that the BTC increase was clearer than the ETH trend across the two venues.

Bybit’s lowerEthereum balance may reflect withdrawals, trading rotation, or users moving ETH elsewhere. OKX’s increase points to a different balance shift on its own platform. Since PoR reports do not show trade-level behavior, the figures should not be treated as direct proof of buying or selling.

The data follows a similar pattern seen in a recentBinance Proof of Reserves report. Binance users raised BTC and ETH holdings in June, while USDT holdings fell by about 460 million tokens. That earlier report also warned that reserve snapshots do not explain why balances changed.

Proof of Reserves stays under watch

Proof of Reserves became a key exchange transparency tool after the 2022 failures that shook user confidence in centralized platforms. A recentproof-of-reserves explainer noted that a useful report should be recent, frequent and matched against liabilities, not just shown as a one-time asset list.

Earlier reserve rankings showed Binance with the largest reserve stack, while OKX and Bybit formed the next tier among major exchanges. That structure keeps both exchanges under close market watch when their monthly user balance data changes.

The latest reports show more BTC held by users on Bybit and OKX, while USDT balances fell at the same time. The shift may point to lower stablecoin positioning and stronger BTC exposure on those platforms. It does not give a full view of exchange health, but it offers a fresh snapshot of how user balances changed in late June.