Discover Bybit’s Latest Proof of Reserve Report 📊
Bybit, a Singapore-based cryptocurrency exchange, has recently published its 12th proof of reserve (PoR) report, shedding light on changes in user asset holdings compared to the previous month. Here’s what you need to know:
Insights from Bybit’s 12th PoR Report
The latest report from Bybit unveils critical data regarding the exchange’s reserve ratios for Bitcoin, Ether, and Tether, with figures indicating:
- Bitcoin reserve ratio standing at 107%
- Ethereum reserve ratio at 105%
- Tether reserve ratio at 103%
Key takeaways from the report include:
- Bybit’s wallets holding 48,298 BTC against a user balance of 44,872 BTC as of July 10th
- Wallets containing 438,107 ETH and 2,955,970,160 USDT compared to user balances of 416,219 ETH and 2,867,177,050 USDT, respectively
Noteworthy increases in user asset deposits since the last audit include:
- 5.62% growth in Bitcoin holdings
- 0.46% rise in Ethereum assets
- 17.81% surge in USDT deposits
Bybit Surpasses Coinbase 👏
Earlier this year, Bybit made headlines by surpassing Coinbase to secure the second spot as the largest digital asset trading platform, trailing only behind Binance. A report from Kaiko, a crypto analytics platform, highlighted the following:
- Bybit’s market share escalating from 8% to 16% between October 2023 and March 2024
- Coinbase’s market share only witnessing a 1% growth during the same period
Various factors have contributed to Bybit’s growth, including:
- Introduction of spot Bitcoin ETFs in the US
- Binance’s declining dominance amid regulatory challenges
Kaiko’s analysis emphasized that while overall trading volumes surged across most exchanges, Bybit experienced the most significant gains, outperforming platforms like Coinbase.
Bybit’s Strength Amid Insolvency Rumors 🚫💰
In May, Bybit faced insolvency rumors, swiftly dismissed by the CEO, Ben Zhou, who shared concrete evidence of the platform’s financial soundness and crypto asset reserves. Despite the brief speculation, Bybit continued its growth trajectory and market expansion.
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