Users on two of the world's largest crypto exchanges appear to be shifting out of stablecoins and into Bitcoin. @Bybit_Official and @OKX both recorded double-digit percentage growth in user-h
Users on two of the world's largest crypto exchanges appear to be shifting out of stablecoins and into Bitcoin. @Bybit_Official and @OKX both recorded double-digit percentage growth in user-held $BTC reserves during June, according to Proof of Reserves data compiled by @WuBlockchain.
The figures are drawn from each exchange's most recent Proof of Reserves snapshots. According to crypto.news, Bybit's June 24 snapshot recorded 49,309 $BTC on behalf of users, up 10.22% from the prior period. OKX's June 19 snapshot showed user balances of 123,056 $BTC, a rise of 10.67%.
The pattern is not isolated to these two venues. Binance, the world's largest exchange by volume, also reported rising user $BTC balances in its most recent Proof of Reserves report, alongside a decline in $USDT holdings of roughly 460 million tokens, according to data highlighted by @WuBlockchain.
The flip side of the $BTC increase is a notable decline in $USDT reserves. OKX reported a 9.52% drop in Tether holdings to 9.268 billion $USDT, while Bybit recorded a 4.12% decrease to 5.319 billion $USDT.
It is worth noting what these figures do and do not show. Proof of Reserves reports capture a snapshot of balances at a specific point in time, not the reasons behind those changes. As crypto.news noted, funds can shift due to trading activity, withdrawals, transfers between products, or broader changes in market conditions. A falling $USDT balance does not confirm that users directly purchased $BTC, but the simultaneous rise in Bitcoin reserves across multiple major platforms does suggest a broader repositioning trend.
$USDT commonly functions as a staging asset, held by traders ready to enter or exit positions quickly. A contraction in stablecoin balances alongside rising $BTC holdings can indicate reduced dry powder on those venues, or simply that users have moved funds into harder assets or self-custody.
Ethereum balances told a more mixed story. Bybit reported 496,565 ETH held by users, down 10.13%, while OKX reported 1.652 million ETH, up 6.15%, suggesting the $BTC rotation was more consistent across platforms than any comparable move into or out of Ether.
Sources:crypto.news: Bybit and OKX users raise BTC holdings as USDT balances fallWu Blockchain: Crypto News and Insights
