Bybit Releases 24th Proof of Reserves Audit

Bybit released its 24th Proof of Reserves snapshot on June 19, 2025, highlighting notable increases in BTC and ETH holdings and a decline in USDT reserves.

Snapshot Overview

Bybit has unveiled its 24th Proof of Reserves, revealing substantial changes in its asset holdings since the last report. The snapshot reflects the exchange’s commitment to on-chain transparency, a stance heavily promoted by CEO Ben Zhou.

“Bybit’s proof of reserves reflects a commitment to on-chain transparency and user security.” – Bybit’s official Proof of Reserves portal

The highlights include an all-time high in BTC (53,906) and ETH (646,987) reserves, while USDT holdings have decreased by $386 million. Analysts attribute this shift to user withdrawals and potential market adjustments affecting USDT.

The changes in Bybit’s asset holdings are significant as they emphasize user trust in BTC and ETH over stablecoins like USDT, possibly due to ongoing regulatory scrutiny. This pattern mirrors the movements observed after the FTX incident, affecting stablecoin market confidence.

Financial Impact

Financial implications include a reported 103% reserve ratio, indicating robust over-collateralization of user deposits. This supports the view that Bybit is maintaining a secure financial standing amidst evolving market conditions, further underscored by Bybit’s Reserve Ratio Metrics.

Experts highlight that Bybit’s increased BTC and ETH reserves signal a potential shift in user investment strategies. This aligns with broader trends in the industry, where users prefer top cryptocurrencies over stablecoins due to regulatory concerns.