Bybit Users Hold More Bitcoin, Ethereum as USDT Balances Plummet

Bybit, a prominent cryptocurrency exchange, has released its 40th proof-of-reserves report, revealing a significant increase in user balances for two major assets: Bitcoin and Ethereum. The report, which was independently reviewed by Hacken, showed that user Bitcoin holdings rose 0.24% from the previous snapshot, while Ethereum user balances increased by 2.96%.

The total user balances for Bitcoin and Ethereum in the latest snapshot are 56,131 BTC and 551,869 ETH, respectively. Bybit's reserve ratio for these assets is 104% and 103%, respectively, indicating that the exchange holds more assets in reserve than the total user balances.

On the other hand, USDT user assets declined by 11.46% to $3.59 billion, while Bybit maintained a 110% reserve coverage for the stablecoin. The exchange's proof-of-reserves report now covers 50 tokens, including SUI, PUMP, and XPL, with reserve ratios ranging from 101% to 125%.