OKX published its 42nd Proof of Reserves report on April 20, showing user BTC holdings at roughly 120,000 BTC, down 11.93% from the March 3 snapshot — a decline of about 15,850 BTC. User ETH holdings stood at approximately 1.6066 million ETH, down 8.19% (roughly 143,088 ETH) over the same window.
The report showed a different picture for stablecoins: user USDT balances rose to about 10.214 billion USDT, up 0.73% (roughly 73.78 million USDT) since March 3. The split — falling BTC and ETH balances, rising USDT — is consistent with users trimming volatile exposure and parking capital in stablecoins on the same venue rather than withdrawing outright.
Why it matters
Proof of Reserves is the mechanism exchanges use to demonstrate that on-chain custody matches customer liabilities, and the month-over-month delta is what the market watches. A double-digit drop in BTC holdings is a meaningful data point, but the simultaneous rise in USDT complicates the read: it suggests internal rotation more than capital flight off the platform.
Market impact
For BTC, a 12% drop in OKX user holdings over six weeks is the kind of number that gets scrutinized against on-chain flow data and competing venue reserves. The next PoR snapshot will be the real test — if BTC balances stabilize or rebuild while USDT holds, the rotation thesis is intact.
Frequently asked questions
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What did OKX's latest Proof of Reserves report show?
OKX's 42nd PoR report (snapshot April 20) showed user BTC holdings at roughly 120,000 BTC, down 11.93% since March 3, and user ETH holdings at about 1.6066 million ETH, down 8.19% over the same period.
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Why are OKX BTC and ETH balances falling while USDT is rising?
The split — falling volatile-asset balances alongside a modest USDT uptick — is consistent with users rotating from BTC and ETH into stablecoins on the same venue rather than withdrawing capital off the platform.
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How much did OKX user BTC holdings drop in the latest PoR?
User BTC holdings fell about 15,850 BTC from the March 3 snapshot, bringing the total to roughly 120,000 BTC as of April 20.
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Is the OKX reserve decline a sign of customer withdrawals?
Not necessarily. The simultaneous rise in USDT balances suggests internal rotation from volatile assets to stablecoins on OKX itself, rather than capital leaving the exchange. The next monthly snapshot will be the key confirmation.
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How often does OKX publish Proof of Reserves?
OKX publishes PoR reports on a roughly monthly cadence. The April 20 snapshot was the 42nd consecutive disclosure.
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