Bybit’s 17th evidence of reserves indicates an 8.55% decrease in the value of users’ BTC assets

In its 17th proof of reserves report, Bybit has disclosed significant changes in user asset holdings as of December 12, 2024.

The snapshot demonstrates a distinction between Bitcoin and other significant assets, as BTC holdings have decreased by 8.55% to 50,412 BTC since the November 13 report. Nevertheless, Ethereum and stablecoin holdings experienced substantial growth.

Bybit’s reserves have undergone the most significant change in the past month, with Bitcoin holdings decreasing by 4,711 BTC to 50,412 BTC. Bybit retains a robust 115% reserve ratio for Bitcoin, which means the exchange holds 58,283 BTC in its wallet assets compared to user deposits, despite the reduction in user assets.

The evolving trends in Bitcoin and Ethereum holdings may indicate the evolving market dynamics and user preferences.

Although the reserve ratio of Bitcoin remains at 115%, the decrease in total holdings may suggest that users are either diversifying into other assets or taking proceeds during the recent price increase.

The stablecoin reserves of Bybit have experienced growth, with USDT contributing 944.3 million to the total, which has now reached 4.11 billion in user assets. The largest percentage increase among significant assets on the platform is this 29.77% surge. The exchange maintains a 103% reserve ratio for USDT, with wallet assets totaling 4.27 billion USDT.

There are other stablecoins that exhibit comparable metrics. USDC has the greatest reserve ratio of all assets at 128%, with user assets of 148.87 million and wallet assets of 190.80 million. USDE maintains a 100% reserve ratio and maintains a faultless equilibrium, with a total of 533.99 million in wallet assets and user assets.

Bybit’s proof of reserves consistently demonstrates robust coverage across its extensive selection of supported cryptocurrencies. Meme coins exhibit exceptionally robust reserve ratios, with Dogecoin (DOGE) maintaining a reserve ratio of 118% and Shiba Inu (SHIB) at 108%. In practical terms, this implies that Bybit maintains 1.83 billion DOGE in wallet assets in contrast to 1.55 billion in user deposits and 4.50 trillion SHIB in user assets in contrast to 4.13 trillion.

In the same vein, layer-1 blockchain tokens exhibit robust metrics. Polkadot (DOT) exhibits a robust 112% coverage with 14.10 million tokens underpinning user deposits, while Solana (SOL) maintains a 104% ratio with 3.15 million tokens in wallet assets. Uniswap (UNI) is a standout among DeFi tokens, with a reserve ratio of 117%. It holds 4.41 million tokens against 3.74 million in user assets.

The reserve data also emphasizes the exchange’s robust position in other categories. SAND, a gaming token, maintains a 109% ratio, while RENDER and SHRAP, two newer protocols, exhibit 117% and 119% ratios, respectively.

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