Bybit Users Hold More Bitcoin and Ethereum as USDT Balances Plummet

Bybit has published its 40th proof-of-reserves report, showing $19.6 billion in mainstream assets across 50 tokens. The exchange reported a rise in user Bitcoin and Ethereum balances, while USDT holdings fell by 11% from the previous snapshot.

User Bitcoin balances rose to 56,131 BTC, with Bybit's reserve ratio remaining at 104%. Meanwhile, Ethereum user holdings increased by 2.96% to nearly 551,900 ETH, lifting the reserve ratio to 103%.

The largest decline was seen in USDT holdings, which dropped 11.46% to $3.59 billion. However, Bybit maintained a 110% reserve coverage overall, with over 364 million tokens above reported user balances.