OKX's 42nd Proof of Reserves report, snapshotted on April 20, shows user BTC holdings at roughly 120,000 BTC — a decline of 15,850 BTC, or 11.93%, since the March 3 reading. ETH holdings fell by 143,088 ETH to approximately 1.6066 million ETH, an 8.19% drop over the same period.
The one bright spot is USDT: user stablecoin balances edged up 0.73% to about 10.214 billion USDT, suggesting some users rotated out of volatile assets and parked capital in stable holdings rather than withdrawing entirely.
The pattern — falling BTC and ETH alongside rising USDT — is a classic risk-off rotation on-exchange. It doesn't signal a solvency concern, but it does reflect reduced appetite for spot crypto exposure among OKX's user base over the past seven weeks.
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