Bybit Bitcoin and USDT holdings rise on 12th reserve test report

Singapore-based cryptocurrency exchange Bybit has released its 12th Proof of Reserve Report (PoR), highlighting significant changes in user asset reserves compared to the previous month.

The current PoR revealed a reserve ratio of Bitcoin at 107%, Ether at 105% and Tether at 103%.

Bybit’s 12th PoR

The report shows that Bybit wallets held 48,298 BTC against a user balance of 44,872 BTC on July 10. Wallets on the exchange also hold 438,107 ETH and 2,955,970,160 USDT against a user balance of 416,219 ETH and 2,867,177,050 USDT, respectively.

Notably, users’ Bitcoin assets increased by 5.62% since the last audit on June 6, equivalent to an additional 2,386 BTC. User Ether assets also saw growth, albeit more modestly, with an increase of 0.46%. The most notable increase was seen in users’ USDT asset deposits, which soared by 17.81%, resulting in an increase of 433 million USDT.

In June, Hacken, the blockchain security services company that conducted Bybit’s 11th audit, began,

“The Hacken team’s reserve test audit, conducted on Friday, June 14, 2024, shows that Bybit maintains a reserve ratio > 100%. This finding means that Bybit has sufficient reserves to cover its liabilities, thereby strengthening trust between its users and stakeholders.”

Bybit beats Coinbase

As previously reported, Bybit overtook Coinbase in March of this year to become the second largest digital asset trading platform, behind only Binance.

According to a report by crypto analytics platform Kaiko, Bybit’s market share increased from 8% to 16% from October 2023 to March 2024, while Coinbase’s share only increased by 1% during the same period.

Several factors have contributed to the rise of the crypto exchange, including the introduction of Bitcoin ETFs at the time in the United States and the reduction of Binance’s dominance due to regulatory challenges.

Kaiko emphasized that while these developments led to an increase in trading volumes on most crypto exchanges except Binance, not all platforms benefited equally. Bybit posted the most significant gains, while Coinbase saw only a modest increase despite posting higher profits and revenue.

Bybit also witnessed insolvency rumors in May that were quickly dismissed by CEO Ben Zhou. The executive even shared evidence of the platform’s financial holdings as well as crypto assets.

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