While Bitcoin balances continue their months-long decline on the exchange, Ethereum deposits are quietly swelling. This divergence paints a clear picture of two competing asset narratives, with traders likely rotating into altcoins.
On August 29, crypto exchange OKX published its 34th consecutive monthly proof of reserves, verifying it holds all user assets with a substantial surplus. The audit, dated August 18, confirms the platform safeguards $33.7 billion in primary client assets, with Bitcoin (BTC), Ethereum (ETH), and major stablecoins all backed at over 100%.
However, beneath these headline solvency figures lies a more telling trend: a sustained migration of user capital that is reshaping the exchange’s balance sheet in real-time.
The numbers from the August snapshot are striking in their consistency yet revealing in their detail. Bitcoin, still the largest single holding on OKX, showed a 106% reserve ratio, meaning the exchange has more BTC than its users keep on the platform. Even so, balances have been edging lower for months.
In May, user-held Bitcoin stood at more than 125,000 coins. By late July it had slipped below 117,000, and the latest update shows just over 115,000 left on the exchange. Ethereum, meanwhile, has pushed in the opposite direction. With a 104% backing ratio, deposits climbed past 1.7 million ETH, continuing a run of inflows that has contrasted sharply with Bitcoin’s gradual retreat.
An OKX representative told crypto.news last month that this divergence is not a liquidity issue but a behavioral one. More Bitcoin holders are choosing to move their coins into cold storage or into staking products, effectively opting out of exchange balances.
Ethereum, by contrast, is seeing inflows as traders embrace its on-chain activity and staking utility. The proof-of-reserves data makes this shift visible in real time, painting a picture of investors rotating not away from exchanges entirely but away from one asset and toward another.
The reshuffling is not confined to the two largest cryptocurrencies. XRP posted the strongest ratio of any major token in the report, with 107% of user deposits covered by exchange holdings.
The coin’s total wallet assets stood above 274 million, suggesting that traders are not just sticking with XRP but adding to their positions. Dogecoin and Solana also showed cushions above 100%, with DOGE balances clearing 5.6 billion coins and SOL holdings approaching 6.7 million.
Stablecoins followed a similar pattern. Tether came in at 105% with more than $10.1 billion in wallet assets, while USD Coin was pegged right at 100%, a reminder of the precision with which OKX matches liabilities against reserves.
