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- Bybit 30th proof-of-reserves snapshot shows user Bitcoin balances at roughly 53,000 BTC, down 8.98% from the prior report.
- User Ether holdings rose slightly to about 525,000 ETH, while USDT balances increased to roughly 6.19 billion.
Bybit latest reserve disclosure points to a small but noticeable shift in how users are positioned on the exchange. The balances are still fully disclosed through the platform’s proof-of-reserves system, but the mix has changed. Bitcoin moved lower, stablecoins ticked up, and Ether barely budged.
Bitcoin balances take the biggest hit in the latest snapshot
In the snapshot dated March 18, user BTC holdings stood at around 53,000 BTC. That is a drop of 5,303 BTC, or 8.98%, compared with the previous snapshot taken on Feb. 26. It is the clearest move in the report and suggests a chunk of users either pulled Bitcoin off the venue, reduced exposure, or rotated into other parts of the market.
Ether looked far steadier. User ETH holdings came in at about 525,000 ETH, up just 0.29%, which amounts to roughly 1,543 ETH. That kind of change is small enough to read less like a trend reversal and more like a market holding pattern. Traders did not rush into ETH, but they also did not meaningfully leave it.
USDT growth hints at a more defensive setup
The more telling counterweight came from Tether balances. User USDT holdings climbed to around 6.19 billion, an increase of roughly 69 million USDT, or 1.14%, from the previous snapshot. In crypto terms, that usually points to a familiar setup.
More capital is staying liquid, waiting on the sidelines, or being parked for quicker redeployment into spot, perps or dip-buying opportunities.
Proof-of-reserves reports are often treated mainly as solvency checks, but they can also offer a read on exchange-level positioning. This one suggests users have become more cautious with Bitcoin while keeping dry powder in stablecoins. ETH, at least for now, sits somewhere in between.
