Bybit Users Hold More BTC and ETH as USDT Falls 11%

Bybit's 40th proof-of-reserves report reveals that users hold more Bitcoin and Ether on the exchange, but less USDT than in the previous snapshot. The reserve ratio page shows a 104% coverage of user-held BTC and 103% for ETH.

The report also notes that the $19.6 billion figure is not solely comprised of new deposits, with ten tokens joining the table, including SUI, PUMP, LIT, CAP, SPX, ZEREBRO, XPL, USDTB, PENGU, and ZRO.

Hacken verified Bybit's Merkle-tree data, confirming wallet control but not conducting a full statutory audit. However, an independent analysis by Arkham found that Bybit's reported $16.2 billion assets differed from its own $14 billion estimate, highlighting methodology gaps.