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OKX Report Shows Decrease in Bitcoin and USDC Users Amidst Increase in Ethereum

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by Giorgi Kostiuk

6 hours ago

Cryptocurrency exchange OKX has released its 32nd proof-of-reserves report, noting a decrease in Bitcoin and USDC users, accompanied by an increase in Ethereum users.

Overview of the Proof-of-Reserves Report

The report, published on June 14, confirms that OKX has sufficient reserves to cover user deposits. Ethereum Classic (ETC) reserves stand at 107%, while Bitcoin (BTC) reserves are at 105% of user assets.

Changes in User Assets

From May to June, the number of Bitcoin held by users decreased by 4,360 coins (3.48%), worth about $470 million. USDT assets also fell by 1.44%, or $126.4 million. Meanwhile, users added 110,153 Ethereum (ETH), valued at $272.8 million.

Reasons for Decline in Bitcoin Users

The drop in Bitcoin users may indicate that they are withdrawing their Bitcoin from OKX, likely to store it in secure 'cold wallets'. This could be due to concerns about exchange safety or uncertain market conditions.

Despite the decline in Bitcoin users, OKX maintains strong reserve levels, ensuring the protection of its users' assets.

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