Bybit Users Flock to Bitcoin and Ethereum as USDT Holdings Plummet

Bybit, a prominent cryptocurrency exchange, has released its 40th proof-of-reserves report, showing a significant increase in user holdings of Bitcoin and Ethereum. The report, which was independently reviewed by Hacken, revealed that user Bitcoin balances rose 0.24% from the previous snapshot, while Ethereum user holdings increased by 2.96%. This marks a notable increase in user assets, with Bybit's Bitcoin reserve ratio remaining at 104% and the Ethereum reserve ratio increasing to 103%.

The report also showed a decline in user USDT holdings, which fell by 11.46% from the previous report to approximately 3.59 billion USDT. Despite this decline, Bybit's USDT reserve ratio remains high at 110%, with the exchange holding around 3.96 billion USDT in wallet assets.

Bybit's proof-of-reserves report covers 50 tokens, with the exchange selecting assets based on user holdings. The report includes a group of 10 new assets, including SUI, PUMP, and ZRO, which joined the current disclosure set. Bybit's reserve ratios for these assets range from 101% to 125%, with XPL having the highest reserve ratio at 125%.