According to Bybit’s 24th Proof of Reserves report, which was released on June 19, 2025, there was a notable decrease in USDT reserves but a notable increase in BTC and ETH balances.
Bybit has released its 24th Proof of Reserves, showcasing notable shifts in asset distribution compared to previous reports. This update reaffirms the exchange’s commitment to on-chain openness, which CEO Ben Zhou firmly supports.
“Bybit’s proof of reserves underscores its focus on transparency and safeguarding user assets,” states the official portal.
Key findings include record-breaking reserves of 53,906 BTC and 646,987 ETH, contrasted by a sharp $386 million drop in USDT holdings. Experts suggest the reduction stems from increased user withdrawals and broader market realignments impacting USDT.
These shifts highlight a growing preference among users for BTC and ETH over stablecoins, potentially influenced by regulatory pressure. This trend closely resembles market behavior observed in the aftermath of the FTX collapse, which had a lasting impact on stablecoin trust.
The financial data reveals a 103% reserve ratio, reflecting strong over-collateralization of user assets. This reinforces confidence in Bybit’s stable financial position despite shifting market dynamics, as evidenced by its Reserve Ratio Metrics.
Analysts note that the rise in BTC and ETH reserves suggests users may be adjusting their investment preferences, favoring major cryptocurrencies over stablecoins — a trend likely influenced by ongoing regulatory developments across the sector.
