OKX has published its 32nd proof-of-reserves (PoR) report, revealing a notable decrease in user holdings of Bitcoin (BTC) and Tether (USDT) compared to the previous month. The data, as of June 14, shows a significant drop in these assets within user wallets.
Released on June 30, the latest report outlines the ratio of assets held in OKX’s reserves versus those deposited by customers. For the 32nd consecutive time, the platform maintains a reserve ratio exceeding 100% for major assets, including BTC, ETH, SOL, and USDT—indicating that OKX continues to fully back user deposits.
Among the assets, Ethereum Classic (ETC) holds the highest reserve ratio at 107%, while Bitcoin ranks second at 105%. Despite the healthy reserve ratio, BTC holdings by customers have declined sharply.
Compared to the May 10 report, user-held BTC has dropped by 4,360 BTC—equivalent to approximately $470 million at current market prices. This represents a 3.48% decrease from the 125,164 BTC held by customers in May.
In addition to Bitcoin, Tether (USDT) user holdings on OKX also saw a decline in June. Compared to the previous month, USDT holdings dropped by 1.44%, representing a decrease of approximately $126.4 million. While not as steep as Bitcoin’s drop, the decline stands out given the recent surge in stablecoin activity across the broader crypto market.
Conversely, Ethereum (ETH) holdings in customer wallets saw a notable increase. In June, ETH holdings rose by nearly 6%, with an influx of 110,153 ETH—equivalent to about $272.8 million. The report indicates that OKX users are depositing more Ethereum onto the platform, signaling a growing interest in ETH relative to BTC.
What could the drop in OKX user BTC holdings mean?
The 3.48% decline in Bitcoin (BTC) holdings on OKX suggests that more users may have opted to withdraw their BTC from the exchange in June. This trend could be driven by a growing preference for self-custody, as more traders move assets to cold wallets in response to ongoing concerns about exchange security and broader market uncertainty.
This shift may also reflect a strategic choice by some investors to hold their BTC off-exchange during volatile conditions. Alternatively, others may be reallocating their portfolios—trading out of Bitcoin in favor of other assets amid shifting market dynamics.
Bitcoin recently rebounded from a brief dip following former U.S. President Donald Trump’s announcement of a ceasefire between Israel and Iran, climbing back to the $105,000 level. However, ongoing uncertainty surrounding the Federal Reserve’s rate decision and geopolitical tensions has led to a largely stagnant BTC price since then.
