Bybit’s 14th Proof of Reserve Shows Surge in BTC, ETH Holdings!

Key Points:

• Bybit’s 14th Proof of Reserve shows a 2.15% increase in BTC holdings to 49k BTC (up 1,033 BTC).
• Ethereum (ETH) deposits surged by 3.07% to 352k ETH, reflecting strong user interest.
• USDT holdings dropped by 1.47% to 3.12 billion, signalling a possible shift toward BTC and ETH.

Bybit’s 14th proof of reserve revealed large fluctuations in its users’ cryptocurrency reserves.

Bybit’s 14th Proof of Reserve Highlights Growth

The snapshot is intended to clarify the platform’s reserve status, and indeed, it depicts that users’ Bitcoin and Ethereum deposits have significantly increased while Tether’s holdings have decreased slightly. According to the latest data, Bybit users have deposited 49,000 BTC, up 2.15% from the last snapshot on Aug. 8, which showed that an extra 1,033 BTC had been added to Bybit’s 14th proof of reserve as many more became interested in the Bitcoin market.

Read more: Bybit Relocates Chinese Employees Amid Office Closures!

Ethereum Deposits Experience Significant Surge

Ethereum deposits also increased, with users holding 352,000 ETH in their Bybit accounts. This number is 3.07% higher than that previously recorded and shows a very high uptrend in the accumulation of Ethereum. The high growth in ETH holdings in the exchange might hint at the optimism of its users for the future of Ethereum, probably due to the recent upgrades made on the network or even other market factors.

The total USDT deposited has slightly contracted. Users hold 3.12 billion USDT, down 1.47% from the previous report. This could be somewhat concerning; it might reflect one step in strategic asset reallocation by users, most probably shifting into BTC and ETH as a result of market dynamics or perceived opportunities in those leading cryptocurrencies.