WuBlockchain
Bybit and OKX both reported double-digit jumps in user BTC holdings in their latest Proof of Reserves snapshots, while USDT balances at the venues moved in the opposite direction.
Bybit's June 24 snapshot showed 49,309 BTC held for users, up 10.22% from the prior read, alongside 496,565 ETH (-10.13%) and 5.319 billion USDT (-4.12%). OKX's June 19 snapshot showed 123,056 BTC for users, up 10.67%, with 1.652 million ETH (+6.15%) and 9.268 billion USDT (-9.52%).
Why it matters
Proof of Reserves snapshots are point-in-time, so a single comparison can reflect rebalancing as much as new flows. But the direction is consistent across both venues and across both BTC and USDT: stablecoin balances are shrinking while BTC balances are growing. That is the shape of a rotation, not a withdrawal.
Market impact
The two exchanges together custody roughly 172,000 BTC for users against about 14.6 billion USDT. A 10% jump in BTC balances at this scale, paired with a mid-single-digit drop in USDT, points to customers redeploying dollar liquidity into spot BTC rather than parking it in stablecoins or pulling it off-platform. Watch the next snapshots for confirmation; if the BTC side holds and USDT continues to bleed, the rotation is structural.
Source: [Account Info](https://www.bybit.com/app/user/reserve-ratio)
Frequently asked questions
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What did Bybit and OKX report in their latest Proof of Reserves?
Bybit's June 24 snapshot showed 49,309 BTC for users (+10.22%), 496,565 ETH (-10.13%), and 5.319B USDT (-4.12%). OKX's June 19 snapshot showed 123,056 BTC (+10.67%), 1.652M ETH (+6.15%), and 9.268B USDT (-9.52%).
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Are users withdrawing from Bybit and OKX, or rotating?
The flow mix suggests rotation rather than withdrawal. BTC balances at both venues rose 10%+, while USDT balances fell mid-single digits. Customers look to be redeploying dollar liquidity into spot BTC rather than pulling it off-platform.
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How much BTC and USDT do Bybit and OKX custody for users combined?
Across the two latest snapshots, the venues together custody roughly 172,000 BTC for users against about 14.6 billion USDT.
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Does Proof of Reserves show real-time flows?
No. Proof of Reserves is a point-in-time snapshot, so a single comparison can reflect rebalancing as much as new flows. The signal comes from the direction across multiple snapshots, not from any single read.
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Why does falling USDT balance alongside rising BTC balance matter?
The combination is the shape of a rotation: stablecoin balances shrinking while BTC balances grow indicates customers redeploying dollar liquidity into spot BTC. If the next snapshots confirm the pattern, the rotation is structural rather than reactive to short-term price action.
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