OKX's 33rd proof of reserves confirms $28.8 billion in total assets. This article explores current market trends, including Bitcoin withdrawals and rising Ethereum deposits.
OKX's Reserves Confirmation
On July 30, crypto exchange OKX published its 33rd proof of reserves, confirming it holds more than enough assets to cover user balances. As of now, the total assets are valued at $28.8 billion, with Bitcoin, Ethereum, and stablecoins fully backed.
Bitcoin Exodus and Ethereum Growth
The July report confirms a steady trend of Bitcoin withdrawals. User-held Bitcoin decreased from 125,164 BTC to 116,769 BTC since May, representing a net outflow of about 8,395 BTC, worth nearly $1 billion at the time. While the Bitcoin reserve ratio stands at 106%, indicating sufficient reserves, observed outflows may suggest traders are opting for self-custody or diversifying their assets.
Ethereum Resurgence and Altcoin Influence
A notable increase in Ethereum deposits, up 6% in June, reflects shifting market sentiments. Traders are ramping up their investments in ETH, linked to the growth of Ethereum's use cases in liquid staking and DeFi. Meanwhile, Solana and XRP reserves increased, with XRP's backing ratio reaching 109%, indicating growing interest among traders in not just Bitcoin and Ethereum, but in other altcoins as well.
Trends on OKX signal a shift in traders' interests: the Bitcoin withdrawals and rising Ethereum deposits may indicate changes in asset perceptions and trading strategies, signaling important insights about current market dynamics.
