USDT Dominance Grows Amid Bitcoin and Ethereum Outflows in Bybit Reserves
Bybit's October proof-of-reserves snapshot reveals significant shifts in cryptocurrency holdings, with Bitcoin experiencing a 3.13% decline from 66,048 BTC to 63,980 BTC and Ethereum showing an even more pronounced 5% reduction in balances. This movement suggests potential user withdrawals or strategic asset rotation among exchange clients. Meanwhile, Tether (USDT) reserves demonstrated remarkable growth, surging by 27.89% during the same period. Despite these outflows in major cryptocurrencies, Bybit maintains strong reserve ratios, with Bitcoin reserves standing at 103% - indicating wallet assets continue to exceed customer liabilities. This reserve snapshot provides valuable insights into market sentiment and capital allocation trends within the cryptocurrency ecosystem. The substantial increase in USDT holdings may indicate investors are moving towards stablecoin positions amid market uncertainty or preparing for future trading opportunities. The consistent reserve ratios above 100% demonstrate Bybit's commitment to maintaining adequate backing for user assets, which remains crucial for exchange credibility and user confidence in the evolving digital asset landscape. These reserve fluctuations reflect broader market dynamics and investor behavior patterns that could influence short-term price movements and liquidity conditions across cryptocurrency markets.
Bybit's October Reserve Snapshot Shows BTC and ETH Outflows Amid USDT Surge
Bybit's latest proof-of-reserves audit reveals a 3.13% decline in Bitcoin holdings and a sharper 5% drop in ethereum balances, while Tether reserves saw a dramatic 27.89% increase. The exchange maintains a 103% reserve ratio for BTC, with wallet assets exceeding customer liabilities.
Bitcoin balances fell to 63,980 BTC from 66,048 BTC in September, suggesting possible user withdrawals or asset rotation. Ethereum reserves dipped to 542,165 ETH, representing a $105 million outflow at current prices. The movement of assets off exchanges often signals bullish sentiment as investors shift to self-custody.
USDT balances ballooned to 6.389 billion tokens, highlighting growing stablecoin demand. Bybit continues its monthly transparency reports, demonstrating sufficient reserves to cover all customer deposits despite the shifting asset composition.
Traders Shift from Volatile Cryptocurrencies to Stablecoins Amid Market Uncertainty
Reserve reports from Gate.io and Bybit reveal a significant decline in trader appetite for risk assets as Bitcoin and Ethereum holdings plummeted in October. Bybit's Proof of Reserves snapshot shows user Bitcoin balances fell 3.13% to 64,000 coins, while Ethereum holdings dropped 5% to 542,200 tokens. In contrast, USDT balances surged 27.89% to 6.389 billion, signaling a flight to stability.
The shift coincides with bitcoin trading near $108,000 and Federal Reserve Chair Jerome Powell's remarks suggesting delayed policy easing. Despite the asset rotation, both exchanges maintained robust reserve ratios—Bybit at 103% for Bitcoin and 101% for Ethereum, with USDT reserves reaching 110%.
Gate.io reported total reserves of $11.676 billion as of October 28, underscoring exchanges' capacity to meet liquidity demands during market stress. The data reflects broader caution as traders prioritize capital preservation over crypto volatility.
CZ Denies Affiliation with GIGGLE Memecoin as Token Plummets 30%
Binance co-founder Changpeng Zhao (CZ) has publicly distanced himself from the GIGGLE memecoin after its value dropped sharply. The token, which saw initial gains following its listing on Binance, fell another 30% after CZ clarified on social media that neither he nor GiggleAcademy were involved in its creation. Market analysts attribute the volatility to its heavy reliance on Binance's ecosystem.
On-chain data reveals a single whale wallet now holds 99.4% of its assets in GIGGLE, originally worth $1.2 million but now valued below $1 million. The token's market capitalization stands at $58.75 million, down 28% in 24 hours. Despite recent partnerships with BNB Chain and RedstoneFinance, experts caution investors about extreme price swings.
