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BTC 
ETH Bybit and OKX\'s latest proof of reserve report: Users \'BTC positions rise, USDT balances fall
Bybit and OKX show in their latest proof of reserve report that the amount of bitcoins held by users has increased, while the USDT balances of the two exchanges have declined. This data further confirms the overall trend in the exchange reserve report: on some major platforms, users seem to be more inclined to hold more bitcoin while reducing the liquidity allocation of stablecoins.
Summary
In the latest snapshot, the BTC positions of Bybit and OKX users both increased by more than 10%. USDT balances on both exchanges fell, indicating a decrease in stablecoin holdings on major trading platforms. These reports supplement recent reserve data, showing that users hold more BTC and fewer USDT.
According to relevant reports, Bybit recorded 49,309 BTC in its snapshot on June 24, an increase of 10.22%;OKX showed 123,056 BTC in its snapshot on June 19, an increase of 10.67%. The data comes from the latest reserve pages of the two exchanges. Bybit\'s proof of reserve page tracks user assets and wallet support;OKX\'s proof of reserve page shows a BTC reserve ratio of 106%, of which account assets are 123,056 BTC and wallet assets are 130,063 BTC.
USDT balances on both platforms dropped
In terms of stablecoins, the opposite trend was shown. Bybit reported holding 5.319 billion USDT, down 4.12%;OKX reported holding 9.268 billion USDT, down 9.52%. USDT is usually used as the underlying asset for trading and is also a waiting asset for users to quickly enter and exit cryptocurrency positions.
The decline in USDT balance does not prove that users have bought Bitcoin. Proof of reserve reports only show a snapshot of the balance, not user intent. Changes in funds may result from transactions, withdrawals, transfers between products, or changes in market conditions. However, the latest data is still of reference value because stablecoin balances can affect the available liquidity of exchanges. A smaller USDT base means fewer funds are available on the platform for spot purchases, and may also indicate that users are moving funds to BTC, ETH, other stablecoins or private wallets.
ETH data is mixed
Ethereum\'s balance changes are inconsistent between the two exchanges. Bybit reported holding 496,565 ETH, down 10.13%;OKX reported holding 1.652 million ETH, up 6.15%. This difference suggests that the growth trend of BTC is more consistent between the two platforms, while ETH is significantly differentiated. Bybit\'s decrease in Ethereum balance may reflect withdrawals, trading rounds or users moving ETH elsewhere, while OKX\'s increase points to different capital flows on its platform. Since proof of reserves reports do not demonstrate transactional behavior, these data should not be regarded as direct evidence of buying or selling.
This data pattern is similar to a recent proof of reserves report of a leading exchange. Users of the exchange both BTC and ETH positions increased in June, while USDT positions decreased by approximately 460 million. Previous reports also warned that reserve snapshots do not explain the changes in balances.
Proof of reserves continues to attract attention
Since multiple incidents shook users \'confidence in centralized platforms in 2022, proof of reserves has become an important exchange transparency tool. A recent interpretation of the certificate of reserves stated that a meaningful report should be time-sensitive, issued regularly, and checked against liabilities, rather than just displaying a one-time list of assets.
Previous reserve rankings show that the head exchange has the largest reserves, while OKX and Bybit are in the second tier among mainstream exchanges. This pattern keeps the two platforms under close market attention when monthly user balance data changes.
The latest report shows that the number of BTC held by Bybit and OKX users has increased, while the USDT balance has declined. This change may indicate a decrease in stablecoin positions and an increase in BTC exposure on these platforms. Although this does not fully reflect the health of the exchange, it provides a new snapshot of the changes in user balances in late June.
