Bybit Users Hoard Bitcoin and Ether as USDT Drops in Proof-of-Reserves Report

Bybit, a major cryptocurrency exchange, has released its 40th proof-of-reserves report, revealing that user holdings of Bitcoin and Ethereum have increased while USDT (Tether) balances have dropped by 11.46%.

The snapshot taken on September 23 at 03:00 UTC showed that Bybit users held 56,131 BTC in their accounts, up from 55,831 in the previous report, but still below the exchange's wallet holdings of 58,721 BTC. This results in a reserve ratio of 104% for Bitcoin.

Ethereum user balances also rose by 2.96% to nearly 551,900 ETH, while Bybit reported 570,018 ETH in wallets against those customer balances, lifting the reserve ratio by one percentage point to 103%.

On the other hand, USDT holdings fell sharply from the previous report to roughly 3.59 billion $USDT, making it the clearest decrease among the major assets in the latest snapshot.