Bybit released its 40th Proof of Reserves report. The snapshot is from September 23, 2026. User Bitcoin and Ethereum holdings rose. User USDT balances fell about 11%.
Reserve coverage stayed above 100% for all assets. Users held about 56,131 BTC. Wallets held 58,721 BTC. That produced a 104% reserve ratio. Users held roughly 551,868 ETH. Wallets held 570,018 ETH. The Ethereum ratio reached 103%. User USDT dropped to about $3.59 billion. Reserves stood near $3.96 billion for a 110% ratio. Covered mainstream assets totaled $19.6 billion. The data shows a clear shift toward major cryptocurrencies and away from USDT.
The Drivers of the Holdings Shift
The monthly snapshot and independent check drove the update. Bitcoin user assets rose 0.24% from the August report. Ethereum user assets climbed 2.96%. USDT user balances fell 11.46%. Bybit now tracks 50 tokens. It added ten new ones. Every token kept a reserve ratio of 100% or higher.
Hacken verified the figures. The snapshot time was 03:00 UTC on September 23. Total covered value rose from $18.1 billion to $19.6 billion. Part of the increase came from the extra tokens. The USDT drop could mean users rotated into other assets, withdrew funds, or moved balances inside the platform. One snapshot cannot show the exact reason. The report only covers assets in scope at that moment. Later changes are not included.
User Bitcoin and Ethereum balances reflect higher account holdings on Bybit. The 11% USDT decline shows lower stablecoin liabilities in the same period. The numbers come from a point-in-time transparency report. They do not measure net inflows or outflows directly.
Impact and Broader Context
Bybit users now hold more Bitcoin and Ethereum. USDT holdings dropped about 11%. The report improves visibility into user preferences. Reserve ratios above 100% across 50 assets support confidence in customer fund backing. Traders and analysts keep watching the monthly updates for allocation trends.
The numbers spark debate on stablecoin rotation into major coins. They also raise questions about Proof of Reserves reliability and independent checks. Expanding the token list matters too. Industry patterns in exchange balances remain a focus. Supporters point to steady over-collateralization. Critics note that balance shifts can have many causes. Snapshots give only limited flow data.
Modest BTC and ETH gains plus a clear USDT drop signal a changing mix of user assets. The 40th report shows both reserve scale and the late-September balance mix.
Future monthly reports will reveal whether these trends continue. Longer-term user allocation patterns on Bybit will then become clearer.
This analysis uses Bybit’s 40th Proof of Reserves report and related coverage. Figures show balances only at the snapshot time. They follow the exchange’s method and verification process.