Bybit announced its fifteenth proof of reserve statistics for the month of October hinting at a rise in users’ assets. According to the data, user assets for Bitcoin stood at 51,421, up 4.65% from September.
On the other hand, user assets for Ethereum were at 352,309, up 4.31% from the previous time. Additionally, user assets for USDT came in at 2.91 billion, down 6.94% from the previous month.
The rise in overall user asset class indicates a higher interest in crypto trading by both retail and institutional investors. Bybit’s Proof of Reserve serves as evidence that the assets its clients have placed on the Bybit platform are, in fact, held by them.
It attests to the fact that all tokens are held in the user’s Bybit platform account at a 1:1 ratio. A portion of the following accounts are personal assets that are part of the users’ Proof of Reserve assets.
Bybit’s User Assets Indicate Growth as Compared To Industry Heavyweights
Bybit’s user assets grew significantly as compared to the industry standards. Just a couple of days back, in its 23rd proof of reserves snapshot, Binance saw a decline in the aggregate assets held by Bitcoin and Ethereum users.
The data that was made public on October 8th states that user assets in Bitcoin for the month of October were 596k, a 1.58% decrease from the previous month.
Additionally, user assets in ETH for Binance decreased by 1.37% to 4.425 million from September. Other user assets, such as those denominated in USDT, decreased 3.16 percent from the previous month to 21.41 billion in October.
These statistics show a sweet competition in the market, with multiple crypto exchanges trying to grab investor confidence. Just earlier, Binance’s total spot and futures trading volume crossed $100 trillion USD. When it comes to trade volumes, the cryptocurrency exchange now leads the pack.
OKX is ranked second with 24.9 trillion US dollars, followed by Bybit and Bitget in third and fourth position, respectively, with 13.2 trillion and 10.9 trillion US dollars.
What Are Proof of Reserve Statistics?
Originally, the term “Proof of Reserve” referred to the practice of cryptocurrency holding firms disclosing their reserves to the public in order to prove to their depositors that they are solvent through an independent audit.
As these audits are usually performed by a centralized third party, they can be lengthy, labor-intensive, and require manual procedures.
However, a PoR snapshot gives credibility to a crypto exchange, ensuring that its assets and users are not defrauded.