The cryptocurrency exchange Bybit has published its 29th Proof of Assets (PoA) report, providing transparency into the platform's reserves as of the snapshot taken on February 26, 2026. The latest audit reveals shifting user balances across major digital assets, including Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT). While the exchange continues to demonstrate its ability to cover user deposits fully, the data highlights a notable divergence in asset trends, particularly a double-digit percentage increase in Ethereum holdings compared to the previous reporting period on January 27.
Divergent Trends in BTC and ETH Balances
The audit data shows a slight contraction in Bitcoin holdings alongside a significant surge in Ethereum deposits. According to the report, user BTC assets now stand at approximately 59,000 coins, marking a 2.41% decrease from the January snapshot. This reduction equates to a net outflow of 1,461 BTC over the 30-day period. In contrast, the Ethereum ecosystem saw substantial growth on the platform:
- User ETH assets reached approximately 520,000 coins.
- This represents an increase of 11.4% compared to the previous period.
- The total net growth amounted to 53,607 ETH.
Proof of Assets reports are designed to confirm that a custodial service provider holds sufficient reserves to back all customer liabilities at a 1:1 ratio.
USDT Reserves and Stablecoin Liquidity
Regarding stablecoin liquidity, the report indicates a moderate decline in Tether (USDT) balances. User assets for the world's largest stablecoin are currently valued at approximately 6.12 billion USDT. This figure reflects a 1.71% decrease from the prior month, totaling a reduction of roughly 100 million USDT. Despite this slight dip, USDT remains the dominant asset by value within the exchange's audited reserves, serving as a primary source of liquidity for traders on the Bybit spot and derivatives markets.
The consistent publication of these reports is part of a broader industry movement toward verifiable transparency following the collapse of several high-profile centralized entities in previous years. Bybit utilizes cryptographic tools, such as Merkle Trees, to allow users to independently verify that their individual account balances are included in the total exchange liabilities.
In summary, the 29th Proof of Assets report from Bybit confirms that the exchange maintains a robust reserve position, even as market dynamics shift user preferences toward Ethereum. The growth in ETH balances suggests a potential increase in developer or investor activity within the ERC-20 ecosystem on the platform, while the slight declines in BTC and USDT reflect standard market fluctuations and capital rotations common in the current digital asset landscape.
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For educational purposes only. Nothing here constitutes financial or investment advice. Crypto markets are highly volatile — always DYOR before making any decisions.
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