OKX, a cryptocurrency exchange, has shared its 32nd proof-of-reserves report, demonstrating a drop in Bitcoin and USDC users with a rise in Ethereum (ETH) users. It also highlights how much Bitcoin (BTC), Tether (USDT), and other digital cryptocurrencies its users hold as compared to what the platform has in reserve.
The report, based on June 14, highlights the data that reveals that the exchange has more than enough of each currency to cover user deposits, with Ethereum Classic (ETC) at 107% and BTC at 105% of user holdings.
However, user-held Bitcoin has dropped by 4,360 coins (3.48%) from May to June, worth about $470 million. USDT has also fallen by 1.44%, or $126.4 million. Meanwhile, users added 110,153 Ethereum (ETH), worth $272.8 million. This has signified that they prefer holding ETH over BTC as of now.
The drop in BTC might mean that the users are taking their Bitcoin off OKX, possibly to store it in secure “cold wallets” due to their worries about exchange safety or uncertain market conditions. Others might be trading BTC for other coins due to recent price changes.
Bitcoin hit $105,000 after a brief drop was supported by news of a ceasefire between the two countries, Israel and Iran, but prices have stayed flat due to uncertainties like U.S. Federal Reserve decisions and global tensions.
However, the exchange has maintained enough reserves to protect all its users’ assets.
