Bybit releases 15th proof of reserves, user Bitcoin assets up over 4.6% from September

Bybit Proof of Reserves Report Highlights Changes in User Asset Holdings

Cryptocurrency exchange Bybit has released its fifteenth proof of reserves report, revealing significant shifts in user asset holdings across various cryptocurrencies.

On October 1, 2024, a snapshot of asset holdings indicated notable increases in Bitcoin (BTC) and Ethereum (ETH), while Tether (USDT) holdings declined.

Bitcoin and Ethereum Assets Surge

The report shows a 4.65% increase in BTC assets, reaching 51,421 BTC. Similarly, ETH holdings jumped by 4.31% to 367,500 ETH, demonstrating growing interest among Bybit users.

USDT Holdings Decline

In contrast, USDT holdings dropped by 6.94% to 2.91 billion. The report also notes a significant decrease in Mantle (MNT) holdings, which fell by 27.58% to 272,424,160 MNT.

Reserve Ratios Reveal Liquidity

Bybit's reserve ratios provide insights into the proportion of assets held in its wallets compared to user assets. Notably, BTC, ETH, DOGE, DOT, MNT, OP, PEPE, and SHIB maintained reserve ratios above 100%, indicating robust liquidity.

Stablecoin Reserve Ratios

The report also highlights the reserve ratios for stablecoins:

• USDC: 113%
• USDT: 110%
• USDE: 101%

Commitment to Transparency

Bybit's proof of reserves initiative, launched after the FTX exchange collapse, aims to instill trust by assuring customers that their crypto assets are safely held. The report underscores the exchange's commitment to maintaining transparency and fund security.