- Bybit, a major crypto exchange based in Singapore, has published its 12th Proof of Reserve (PoR) report, showing substantial changes in user asset holdings from the previous month.
- This latest PoR indicates Bitcoin reserve levels at 107%, Ether at 105%, and USDT at 103%.
- Bybit now holds 48,298 BTC, 438,107 ETH, and over 2.95 billion USDT in its wallets, showcasing a significant uptick in user deposits, especially for Bitcoin and USDT.
Stay informed with Bybit’s latest PoR report as the crypto exchange underscores its strong asset reserves, enhancing user confidence and market stature.
Significant User Asset Growth in Bybit’s Latest Proof of Reserve Report
Bybit’s 12th Proof of Reserve report has revealed impressive asset growth, as the exchange’s wallets show 48,298 BTC against a user balance of 44,872 BTC, as recorded on July 10th. Additionally, Bybit holds 438,107 ETH and 2,955,970,160 USDT against respective user balances of 416,219 ETH and 2,867,177,050 USDT.
Increase in User Bitcoin and USDT Assets
Compared to the previous audit on June 6th, user Bitcoin assets have increased notably by 5.62%, adding up to 2,386 BTC. Similarly, user USDT deposits have surged by an impressive 17.81%, amounting to an additional 433 million USDT. This upward trend demonstrates growing confidence and active trading among Bybit’s user base.
Bybit’s Market Position and Competitive Edge
Bybit’s latest developments have not only solidified its financial standing but also bolstered its market position. In March, Bybit overtook Coinbase to become the second-largest digital asset trading platform, second only to Binance. This leap in market share from 8% to 16% between October 2023 and March 2024 outpaced Coinbase’s modest 1% increase.
Factors Driving Bybit’s Market Share Growth
Several factors have contributed to Bybit’s rapid ascent, including the introduction of spot Bitcoin ETFs in the United States and the regulatory tightening around Binance, which affected its dominance. According to crypto analytics platform Kaiko, such industry shifts have generally led to increased trading volumes across exchanges, but Bybit has marked the most significant gains.
Resilience Amidst Market Challenges
Despite rumors of insolvency in May, Bybit remained resilient, with CEO Ben Zhou promptly discrediting such claims by presenting evidence of robust financial holdings and crypto assets. This transparency has reinforced trust amongst its user base, further stabilizing its market reputation.
Conclusion
Bybit’s 12th Proof of Reserve report underscores the exchange’s strong and growing user asset base, heightened by an increase in Bitcoin and USDT deposits. The company’s advancement to the second-largest crypto exchange and its transparency in financial health reflect its competitive edge and solid market trust. Moving forward, these developments could catalyze even greater user adoption and market influence.
