OKX’s Latest Reserve Report Shows Shifts in User Holdings
OKX just dropped its 32nd proof-of-reserves report, and the numbers tell an interesting story. As of June 14, the exchange’s reserves still cover more than 100% of customer deposits for major cryptocurrencies—but there’s been a noticeable dip in Bitcoin and USDT holdings compared to last month.
The report, released on June 30, breaks down how much BTC, ETH, SOL, USDT, and other assets OKX holds versus what users have deposited. Ethereum Classic (ETC) leads the pack with a 107% reserve ratio, while Bitcoin sits at 105%. That’s the good news. The not-so-good news? The amount of BTC held by users dropped by 4,360 coins—roughly $470 million—since May.
Bitcoin and USDT See Declines, Ethereum Bucks the Trend
Compared to May’s numbers, OKX users held about 3.48% less Bitcoin in June. USDT also slipped, though not as sharply—down 1.44%, or $126.4 million. Stablecoins have been gaining traction lately, so that dip is a little surprising. Maybe users are shifting strategies, or just cashing out.
Ethereum, on the other hand, went the opposite direction. User deposits rose by nearly 6%, adding 110,153 ETH (around $272.8 million) in a month. It’s hard to say exactly why, but it could be tied to recent market movements or just a temporary swing in trader behavior.
Why Are Users Pulling Bitcoin Off Exchanges?
That 3.48% drop in BTC holdings isn’t huge, but it’s worth thinking about. One possibility is that more people are moving Bitcoin into cold storage—maybe because they’re nervous about keeping coins on exchanges, or maybe they’re just holding tight during a choppy market.
Another angle? Traders might be swapping BTC for other assets. Bitcoin’s price has been all over the place lately—it bounced back after Trump’s Israel-Iran ceasefire comments, briefly hitting $105,000 (though that number feels off—but then stalled again thanks to Fed rate chatter and global uncertainty.
Whatever the reason, the trend lines here are interesting. OKX’s reserves are still solid, but user behavior is shifting. Whether that’s a blip or the start of something bigger, we’ll have to wait and see.
