Bybit’s $19.6B Reserves Report Highlights Shift From USDT

Bybit users held more Bitcoin and Ethereum in the exchange’s latest proof-of-reserves snapshot, while USDT balances dropped sharply. The 40th report showed $19.6 billion in mainstream assets as of Sept. 23, up from $18.1 billion in the previous report. The figures were independently verified by Hacken.

Bitcoin user holdings rose 0.24% to about 56,100 BTC, while Ethereum holdings increased 2.96% to roughly 551,900 ETH. Bybit’s published figures show the exchange held 58,721 BTC and 570,018 ETH against those user balances.

USDT holdings decline

The biggest change came from USDT. User balances fell 11.46% to about 3.59 billion USDT from the Aug. 26 snapshot.

However, the decline does not by itself show that users withdrew funds from Bybit. Changes in exchange balances can also reflect users moving between cryptocurrencies and stablecoins.

The report also showed a notable rise in USDe holdings, which increased 62.41% to roughly 516 million. That shift, alongside higher BTC and ETH balances, points to a different asset mix among users compared with the previous reporting period.

Reserve coverage remains above 100%

Despite the changes in user balances, Bybit reported reserve ratios above 100% for all 50 assets covered by the September report.

USDT reserves stood at 110%, with about 3.96 billion USDT in wallet holdings against 3.59 billion USDT in user assets. BTC reserves reached 104%, while ETH reserves stood at 103%. USDC posted a substantially higher reserve ratio of 223%.

Bybit also expanded its proof-of-reserves coverage with 10 additional tokens, bringing the total to 50. The company said the selection focuses on assets with meaningful assets under management.

The latest disclosure provides a snapshot of how user assets were distributed on the exchange at a specific point in time. It does not, by itself, establish why individual balances changed or predict future allocation trends.