New Proof of Reserves data from Bybit and OKX shows users on both exchanges increasing their Bitcoin holdings while pulling back on USDT, the leading stablecoin. The figures echo a broader pattern across major trading platforms, where customers appear to be favoring direct Bitcoin exposure over parked stablecoin liquidity.
Key takeaways
Bybit and OKX customers grew their BTC balances by more than 10% in the most recent reporting snapshots.
USDT balances declined at both exchanges, pointing to thinner stablecoin reserves across major venues.
The shift lines up with other recent reserve disclosures showing rising BTC and falling USDT positions industry-wide.
According to a report shared by Wu Blockchain, Bybit's reserve snapshot from June 24 logged 49,309 BTC in user holdings, a 10.22% increase, while OKX's June 19 snapshot put its figure at 123,056 BTC, up 10.67%. Both numbers come directly from each platform's published reserve pages: Bybit's tracker monitors user assets against wallet backing, and OKX's dashboard currently shows a 106% BTC reserve ratio, with 123,056 BTC in account assets set against 130,063 BTC held in wallets.
Stablecoin balances move the other way
While Bitcoin holdings rose, USDT balances fell on both platforms. Bybit's stablecoin reserves dropped to 5.319 billion USDT, a decline of 4.12%, and OKX's fell more sharply to 9.268 billion USDT, down 9.52%. USDT typically functions as a trading base currency and a parking spot for funds waiting to move in or out of the market, so a drop in these balances often signals shifting liquidity rather than a single clear cause.
It's worth noting that a fall in USDT reserves doesn't, by itself, confirm that users converted those funds into Bitcoin. Proof of Reserves snapshots only capture a moment in time, not the intent behind the movement. Balances can shift for many reasons: active trading, withdrawals, internal transfers between products, or broader changes in market sentiment.
Even so, the trend matters because stablecoin reserves directly affect how much liquidity an exchange has on hand. A smaller USDT pool can mean less available capital for spot buying on that platform, or it can simply reflect users rotating into BTC, ETH, other stablecoins, or self-custodied wallets.
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Ethereum tells a more mixed story
Ether reserves didn't follow the same pattern on both exchanges. Bybit's ETH holdings fell to 496,565 ETH, a 10.13% decrease, while OKX's climbed to 1.652 million ETH, up 6.15%. That divergence makes the Bitcoin trend look far more consistent across the industry than the Ethereum trend, which moved in opposite directions depending on the platform.
Bybit's pullback in ETH could reflect withdrawals, trading rotation, or users relocating funds elsewhere, while OKX's gain suggests a different internal dynamic. As with the BTC and USDT figures, Proof of Reserves data doesn't reveal trade-level activity, so neither number should be read as direct evidence of buying or selling pressure.
Part of a wider reserve trend
This isn't an isolated data point. A recent Proof of Reserves report from Binance showed a similar shift, with users increasing both BTC and ETH holdings through June while USDT balances dropped by roughly 460 million tokens. That report carried the same caveat seen here: reserve snapshots show what changed, not why it changed.
Proof of Reserves reporting became a standard transparency measure following the exchange collapses of 2022, which badly damaged trust in centralized platforms. Industry explainers on the practice generally agree that a meaningful report needs to be recent, updated frequently, and checked against liabilities, rather than presented as a static, one-time list of assets.
In terms of scale, Binance has historically held the largest reserve base among major exchanges, with OKX and Bybit occupying the next tier. That positioning keeps both platforms under continued scrutiny whenever their monthly reserve figures shift.
What it means
Taken together, the latest figures show Bybit and OKX users holding more Bitcoin and less USDT than in the prior reporting period. That combination hints at lower stablecoin positioning and stronger Bitcoin exposure on both platforms, though it stops short of painting a complete picture of overall exchange health. What it does offer is a clear, dated snapshot of how user balances shifted in late June 2026 — one more data point in a pattern that's now showing up across several of the industry's largest venues.
Source: Adapted from reporting by crypto.news, drawing on Proof of Reserves data published by Bybit and OKX, and on figures shared by Wu Blockchain.
