When OKX releases evidence of the latest reserve holdings of $28.8 billion, there is a trend of curiosity. Bitcoin withdrawals continue while Ethereum deposits rise. What is driving the shift and does it show deeper market dynamics?
summary
- OKX’s 33rd spare proof confirms full support of $28.8 billion in user assets, with BTC of 106% and ETH of 101%.
- Despite its robust reserve, users’ Bitcoin has dropped by 8,395 BTC since May.
- Ethereum deposits skyrocketed by 6%, showing a change in emotions as traders embrace ETH’s growing chain utility.
On July 30th, Crypto Exchange OKX released its 33rd spare proof, confirming that it has enough assets to cover the user’s balance. Specifically, the assets are worth $28.8 billion, with Bitcoin (BTC), Ethereum (ETH) and Stablecoins all receiving over 100% support.
This report, part of Exchange’s monthly transparency push, shows that OKX reserves remain strong even if user BTC Holdings has soaked for two consecutive months. The Bitcoin reserve is 106%. This means that exchanges will retain more BTC than users have deposited, but since May the amount of Bitcoin held on the on-platform has been reduced by thousands of coins.
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Bitcoin’s Exodus and the Quiet Acquisition of Ethereum
The July report confirms what has been quietly unfolding for months. Compared to OKX’s May 10th reserve disclosure, user-holding Bitcoin had fallen from 125,164 BTC to just 116,769 BTC by July 30th. This represents a net spill of 8,395 BTC, which is equivalent to nearly $1 billion at the time of writing.
OKX’s 106% reserve ratio means that users hold more bitcoins than they deposited, but a stable outflow suggests that traders are moving their coins to self-supporting or spinning them into other assets. At the same time, Exchange’s BTC reserve ratio has actually increased by 1%, highlighting that this is not a liquid crunch. I’m opting out.
Meanwhile, Ethereum tells a different story. In June, user deposits skyrocketed by 6%, adding 110,153 ETH, worth $272 million to OKX’s book. The trend held in July is an indication that ETH reserves have risen to 101%, causing traders to park more and more at exchanges rather than pulling the exchange. This difference is impressive. Bitcoin, the original “exchange” asset, has been withdrawn while Ethereum, which has historically been considered a more trading vehicle, is piled up.
Ethereum’s revival
Ethereum’s revival appears to be linked to evolving emotions, not just price recovery. ETH is the basis for liquid staking, defi activity, and tokenized asset experiments. The wider use cases become, the more attractive it becomes for traders willing to park capital in exchange at least temporarily.
Next is the AltCoin factor. Solana and XRP reserves have also grown, with XRP backing ratio reaching 109%, the highest of OKX’s major assets. This suggests that traders don’t just trade Bitcoin for Ethereum. They diversify into smaller caps and are probably chasing volatile or perhaps betting on the clarity of token regulations like XRP.
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