Crypto exchange OKX has released its reserves report, showing an increase in Bitcoin and Ethereum reserves despite a decrease in stablecoin reserves.
Growth in BTC and ETH Reserves
As of April 7, OKX reported an increase in Bitcoin and Ethereum user holdings, adding 2,083 BTC to its reserves, bringing the total to 133,151 BTC. Ethereum reserves surged from 1,711,964 to 1,770,686 ETH.
Comparison of Reserves and User Balances
XRP reserves totaled 199,215,660 units, significantly exceeding the 181,344,878 units held by users. Similarly, the reserve ratios for both Bitcoin and Ethereum indicate strong coverage. However, user holdings of USDT and USDC decreased by 3.62% and 8.04%, respectively, over the past month.
Competition Among Crypto Exchanges
Binance has pioneered the release of reserve assets, establishing this practice in the wake of the FTX collapse in December 2022. Despite its leadership in trading volume, Binance faces increasing competition from exchanges like Bybit and Coinbase.
OKX continues to demonstrate its financial stability through transparent reserve reports, despite shifts in user demand for stablecoins. The competition in the cryptocurrency exchange market remains intense.
