Bybit has released its latest proof of reserves report, showing significant shifts in user asset holdings as of December 12, 2024.
Bitcoin Holdings Decline as ETH Gains
The report indicates a decline in Bitcoin holdings by 8.55% to 50,412 BTC since the previous report. Meanwhile, Ethereum holdings increased significantly by 8.11% to 525,641 ETH. These changes may reflect shifting user preferences and market dynamics.
Stablecoin Dominance in Reserve Growth
Stablecoin reserves, such as USDT, have shown substantial growth. USDT increased by 29.77% to reach 4.11 billion in user assets. The reserve ratio for USDT stands at 103%, while USDC's is 128%, indicating the stability of these reserves.
Diverse Asset Reserve Ratios
The reserve report also reveals strong coverage across a variety of other cryptocurrencies, including meme coins DOGE and SHIB with reserve ratios of 118% and 108%, respectively. Among layer-1 tokens, Solana maintains a coverage of 104%, and Polkadot 112%.
The data shows that Bybit confidently maintains reserves for a diverse range of cryptocurrencies, reflecting the platform's reliability and stability.
