BTC balances rise on Bybit and OKX as USDT holdings decline

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BTC balances rise on Bybit and OKX

Users move away from USDT

On the stablecoin side, the trend moved in the opposite direction. Bybit reported 5.319 billion USDT, down 4.12% from the previous figure. OKX recorded 9.268 billion USDT, a decline of 9.52%. USDT is often used as a base trading asset and as a “waiting reserve” for users who want to quickly enter or exit crypto positions.

The decline in USDT balances does not prove that users bought Bitcoin. Proof of Reserves reports show only a snapshot of balances, not market participants’ intentions. Funds can move because of trading activity, withdrawals, transfers between products or changes in market conditions.

Still, the data matters because stablecoin volumes affect available exchange liquidity. A smaller USDT base can mean less dry powder for spot buying on a specific platform. It may also indicate that users moved funds into BTC, ETH, other stablecoins or private wallets.

What is happening with ETH balances

Ethereum balances changed differently on the two exchanges. Bybit reported 496,565 ETH, down 10.13% from the previous figure. OKX, by contrast, recorded 1.652 million ETH, up 6.15%. This shows that the increase in BTC holdings across the two platforms was more pronounced than the trend in ETH.

The decline in Ethereum balances on Bybit may reflect withdrawals, trading rotation or users moving ETH to other platforms and wallets. The increase on OKX points to a different balance shift within that platform. Since Proof of Reserves reports do not reveal behavior at the individual trade level, these figures cannot be treated as direct proof of buying or selling assets.

The data from Bybit and OKX repeats a similar pattern seen earlier in Binance’s Proof of Reserves report. In June, Binance users increased their BTC and ETH holdings, while USDT balances fell by about 460 million tokens. That report also emphasized that reserve snapshots do not explain the reasons behind balance changes.

Why experts compare Bybit and OKX

Analysts often compare Bybit and OKX because the two exchanges occupy a similar position in the crypto market. They are among the largest centralized platforms after Binance, actively offer spot and derivatives trading, and regularly publish Proof of Reserves data. As a result, changes in their user balances help assess not only the situation on individual platforms but also broader trader sentiment.

The comparison is especially important when it comes to BTC, ETH and stablecoins. If Bitcoin balances rise on both exchanges while USDT holdings decline, this may point to a broader shift in user behavior: less capital remains in stablecoins and more moves into crypto assets. At the same time, such data does not prove direct purchases, but it gives the market a fresh snapshot of liquidity and the structure of user assets.

As a reminder, last year OKX closed its DEX aggregator while European regulators were investigating the Bybit hack.

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