Bybit and OKX reported higher user Bitcoin holdings in their latest Proof of Reserves reports, while USDT balances moved lower on both exchanges. Bybit's June 24 snapshot recorded 49,309 BTC, up 10.22%, and OKX's June 19 snapshot showed 123,056 BTC, up 10.67%. In contrast, stablecoin balances fell: Bybit's USDT holdings dropped 4.12% to 5.319 billion, and OKX's fell 9.52% to 9.268 billion. Ethereum figures were mixed—Bybit's ETH declined 10.13% to 496,565, while OKX's rose 6.15% to 1.652 million.
The data aligns with a broader pattern of contracting stablecoin liquidity on exchanges. Analysis of stablecoin flows across all platforms shows total outflows at $713.2 million and inflows at $641.2 million, both near the lowest since July 2025. Binance recorded a net outflow of $89.3 million, and the all-exchange netflow registered a negative $71.9 million, with the 50-day moving average hovering just below zero. The largest single-day stablecoin net outflow—$2.12 billion—occurred on April 30, after which June activity stayed muted. This compression of both inflows and outflows suggests a structural quiet rather than a one-sided exit. A drop in stablecoin balances may signal less buying power on exchanges, but Proof of Reserves snapshots don't reveal intent; funds could be moving to self-custody or rotating into other assets.
