OKX exchange released its 37th proof-of-reserve report on November 19, 2025, highlighting significant shifts in user asset holdings. Bitcoin reserves increased by 3.15% to 130,439 BTC, adding 3,988 BTC from the previous month, while Tether (USDT) holdings surged 7.16% to 10.73 billion USDT, a jump of 717 million USDT.
In contrast, Ethereum reserves declined by 0.73% to 1,610,826 ETH, resulting in a net decrease of 11,848 ETH. This dip suggests a potential liquidity crunch, possibly due to users moving ETH to cold storage or converting to stablecoins amid market volatility.
The timing coincides with the upcoming Fusaka upgrade on December 3, which aims to enhance Ethereum's scalability and user experience. Historical patterns indicate that such upgrades often drive higher demand and price appreciation for ETH. At the time of reporting, ETH was trading at $2,997, down 1.88% in 24 hours, with the $3,000 level acting as a critical support and resistance zone.
