OKX’s 32nd Proof of Reserves Reveals Shifts: BTC & USDT Holdings Dip Amid Market Flux

Trust but verify—OKX's latest reserve snapshot shows users playing defense.

Bitcoin and Tether balances slide as traders rotate positions in Q2 2025. The exchange's 32nd attestation report lands during a choppy market cycle where 'proof of reserves' starts feeling more like 'proof of nerves.'

Silver lining? At least they're still auditing—unlike some yield-farming 'banks' that vanished faster than a Telegram admin when questions arise.

Aside from BTC, USDT also fell by 1.44% in June compared to the previous month. This means that the amount of USDT held by OKX users decreased by $126.4 million. Although the decline is not as steep as the drop experienced by BTC, it is still worth noting due to the boom stablecoins in the wider market as of late.

On the other hand, customer wallet holdings for ethereum rose by nearly 6% in June. This signifies a rise of 110,153 ETH ($272.8 million) in the span of a nearly a month. The report shows that OKX users have been depositing more Ethereum into the exchange compared to Bitcoin.

What could the drop in OKX user BTC holdings mean?

The 3.48% drop in BTC holdings show that users may have chosen to withdrawn more Bitcoin from the exchange compared to the previous month. A possible reason behind this trend is the increasing number of traders keen on self-custody.

This means that users might be moving more of their BTC to cold wallets, reflecting growing concerns over exchange security or a preference for holding during uncertain market conditions. Another possibility is that some traders may be trading away their BTC holdings in favor of other assets in the wake of recent price movements.

BTC had recently recovered from its short-lived slump when Trump announced a ceasefire between Israel and Iran, bouncing back to the $105,000 mark. However, the Fed rate decision and other geopolitical uncertainties have caused bitcoin to flatline for the most part.