- Bybit users’ Bitcoin and Ethereum balances declined, but all assets stayed fully backed.
- USDT holdings surged nearly 28%, showing rising user preference for stablecoin reserves.
- All major tokens maintained over 100% reserve ratios, led by USDC’s strong 153% backing.
Cryptocurrency exchange Bybit’s latest proof-of-reserves snapshot, dated October 22, showed a decline in user Bitcoin and Ethereum holdings, offset by a large increase in stablecoin balances. The exchange’s 27th transparency report recorded a 3.13% drop in Bitcoin holdings and a 5% decline in Ethereum balances compared to September, even as USDT reserves rose by nearly 28%.
Bybit users held 63,980 BTC in October, down from 66,048 BTC the previous month, marking a net decrease of 2,068 BTC. The Bitcoin reserve ratio remained stable at 103%, indicating that wallet assets exceeded user deposits by 3%. The snapshot showed 61,976 BTC in user accounts, compared to 63,980 BTC held in reserve.
The contraction in Bitcoin holdings coincided with an increase in on-chain activity, suggesting that users may have withdrawn assets to self-custody. Historically, such outflows from centralized exchanges have aligned with heightened investor confidence.
Ethereum balances experienced a 5% decline, dropping from 570,714 ETH in September to 542,165 ETH in October. The decline of 28,549 ETH, worth roughly $105 million at current prices, resulted in a reserve ratio of 101%, with 532,033 ETH in user holdings compared to 542,165 ETH in wallet assets.
Stablecoin Balances Strengthen
In contrast, USDT balances increased substantially. Bybit’s reserves climbed from 4.995 billion to 6.389 billion USDT, a 27.89% month-over-month gain. The surge expanded the stablecoin’s reserve ratio to 110%, with 6.389 billion tokens in wallet assets versus 5.802 billion in user accounts.
The report also highlighted a steep drop in holdings of Ethena’s USDE stablecoin, which fell 42.37% to 502.11 million tokens from 871.26 million in September. Despite the decline, USDE reserves maintained a 101% ratio, supported by 502.11 million tokens in wallets and 496.25 million in user balances.
Reserve Ratios Remain Above 100%
All major cryptocurrencies on Bybit maintained reserve ratios exceeding 100%. Bitcoin and Ethereum remained fully backed, while other assets such as USDC (153%), UNI (117%), and SHRAP (109%) showed excess reserves.
Tokens like DOGE, DYDX, and COMP maintained 102% coverage, underscoring consistent overcollateralization across assets.
