- OKX user BTC holdings fell 11.93% as exchange reserves stayed fully backed at 106%.
- Ethereum balances dropped 8.19%, showing weaker user exposure during market pressure.
- USDT holdings rose 0.73%, signaling defensive positioning and available liquidity.
OKX’s latest Proof of Reserves report shows a clear shift in user positioning, with Bitcoin and Ethereum balances falling sharply while USDT holdings moved higher. The April 20 snapshot suggests more users on the exchange reduced direct exposure to major crypto assets and increased stablecoin liquidity during a volatile market period.
According to OKX’s official Proof of Reserves dashboard, BTC account assets stood at 117,039 BTC, while OKX wallet assets totaled 123,674 BTC. That gave the exchange a 106% Bitcoin reserve ratio, meaning OKX-controlled BTC remained above customer BTC liabilities.
Source:X
The broader change, however, came from the drop in user holdings. BTC balances declined by 15,850 BTC, or 11.93%, between the March 3 and April 20 reports. Ethereum followed the same path, with account assets falling by 143,088 ETH, or about 8.19%, to 1.606 million ETH.
BTC and ETH Balances Fall During Market Weakness
The decline came as Bitcoin traded near the $76,000 zone after losing momentum during the session. BTC had earlier reached an intraday high near $77,474 before falling as market pressure increased. The move reflected broader weakness across major digital assets.
Ethereum showed a similar price pattern. ETH traded near $2,278, down about 1.63%, after touching a high of $2,310 and falling to an intraday low of $2,256. The asset later recovered slightly, but the broader tone remained cautious.
However, the pullback in exchange-held BTC and ETH does not automatically mean OKX sold either asset. Proof of Reserves reports mainly show customer balances and exchange-held backing assets at a specific point in time. Consequently, a decline may reflect withdrawals to self-custody, transfers to other platforms, profit-taking, or reduced exposure during market uncertainty.
USDT Rise Points to Defensive Positioning
Meanwhile, USDT moved in the opposite direction. OKX listed 10.214 billion USDT in account assets and 11.278 billion USDT in wallet assets, giving the exchange a 110% USDT reserve ratio. The report also showed USDT holdings increased by about 73.78 million USDT, or 0.73%, over the same period.
That rise is important as stablecoin growth often signals more defensive positioning. Users may be moving into cash-like assets while waiting for a clearer market direction. It can also mean traders are keeping liquidity ready for future buying opportunities if Bitcoin and Ethereum stabilize.
OKB balances also edged higher. The data showed OKB holdings rising by 87,345 OKB, or 0.44%, to about 19.967 million OKB. OKX wallet assets stood at 20.039 million OKB, with a 100% reserve ratio.
Overall, the report points to a more cautious user base on OKX. BTC and ETH holdings declined, USDT balances rose, and reserve ratios remained fully backed across the listed assets.
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