OKX has released its 26th monthly Proof of Reserves (PoR) report, providing transparency into the platform’s asset holdings.
OKX Releases 26th Proof of Reserves Showing Changes in BTC, ETH and USDT Assets
The snapshot reveals significant changes in user asset balances across major cryptocurrencies compared to the previous report on November 13.
Key Points
Bitcoin (BTC): User BTC holdings decreased by 8,992 BTC compared to the previous month, falling to 130,936 BTC.
Ethereum (ETH): User ETH holdings increased by 85,000 ETH to 1.765 million ETH.
Tether (USDT): User USDT holdings have increased significantly, reaching $8.56 billion. This figure equates to $1.91 billion, an increase of 28.79%.
The Proof of Reserves initiative is part of OKX’s ongoing commitment to transparency and user trust. It uses cryptographic tools such as Merkle trees and public wallet addresses to verify the platform’s reserves and ensure that user funds are fully backed.
OKX has been continuously updating PoR data since November 2022, allowing users and third-party auditors to independently verify solvency.
This approach aims to increase trust in the exchange amid increasing regulatory scrutiny and increasing demand for accountability in the crypto industry.
The report highlights changing user asset allocations with significant growth in ETH and USDT holdings. The decline in BTC holdings may reflect market trends such as profit-taking or diversification into other assets such as Ethereum and stablecoins.
The sharp increase in USDT reserves is in line with broader market dynamics where users often park their funds in stablecoins during periods of volatility or uncertainty.
*This is not investment advice.
