Key Findings from Bybit's Latest Proof of Reserves
Bybit has released its 28th Proof of Reserves report, dated November 19, 2025. This release highlights significant shifts in user asset allocation, with an increase in Bitcoin (BTC) holdings and a notable decrease in Tether (USDT) balances. The exchange continues to emphasize transparency in its reserve management practices, a commitment that has gained prominence in the cryptocurrency industry.
The latest report indicates that user BTC holdings have surged to 67,000 BTC, representing a 4.53% increase since the previous release in October. Conversely, USDT balances experienced a 12.39% decrease, suggesting a potential shift in user preferences towards other assets. These changes reflect evolving market sentiments and user confidence in different cryptocurrencies amidst ongoing developments in the crypto landscape.
Emphasis on Transparency and Full Asset Backing
Bybit's CEO, Ben Zhou, has consistently underscored the importance of transparency in reserve reporting. The exchange assures users that all assets held on the platform are backed on a 1:1 basis, meaning each user's assets are held in full. This commitment is further demonstrated by the current reserve ratio, which stands at 103%, indicating that Bybit maintains more than sufficient reserves to cover all user assets.
"Bybit has a 1:1 reserve on all user assets on the platform. Reserves and user assets will be published to the public in a completely open and transparent manner." — Ben Zhou, Co-founder & CEO, Bybit
The increase in BTC and Ethereum (ETH) holdings aligns with broader market trends observed in the wake of the FTX collapse, where many users have shown a preference for assets perceived as more stable or transparent, and a reduced reliance on stablecoins like USDT.
Shifting User Preferences and Market Confidence
The observed financial transformations and user behavior suggest a growing preference for BTC and ETH among investors over USDT. This sentiment shift is a key takeaway from Bybit's latest reserve report. While institutional inflows directly tied to this trend remain unverified, the ongoing emphasis on cryptographic validation and transparent reserve disclosures appears to be bolstering user confidence in exchanges that provide such assurances.
The cryptocurrency market's reliance on transparency is further underscored by the fact that these trends have not prompted specific statements from regulatory bodies such as the SEC or CFTC. Bybit's consistent proof of reserves updates, particularly following the FTX collapse, have contributed to valuation stability and continue to influence asset allocation strategies.
Impact on Asset Allocation and Market Practices
The surge in BTC and ETH holdings highlighted in Bybit's report has potential implications for asset allocation strategies within the broader market. The evolving role of reserve disclosures is also likely to influence future market practices, as exchanges compete to demonstrate robust security and transparency to their user base.