OKX’s latest proof of reserve reveals an 8,992 BTC drop in user assets

OKX’s 26th proof of reserves report shows distinct changes in user asset holdings as of December 13, 2024.

The exchange reported 130,936 BTC in user assets, an 8,992 BTC reduction from November’s numbers. In contrast, Ethereum holdings grew by 85,265 to reach 1.765 million ETH. However, USDT balances increased by 1.91 billion to 8.56 billion, representing a 28.79% monthly gain.

The latest data confirms full backing across all assets, with the exchange maintaining a 105% Bitcoin reserve ratio. This means for every 100 BTC in user deposits, OKX holds 105 BTC in its wallets. The report provides a complete breakdown of assets held directly by the exchange and those in third-party custody.

Bitcoin holdings drop while other assets grow 

The reduction in Bitcoin holdings mirrors broader market trends in December. This change brought OKX’s total Bitcoin user assets to 130,936 BTC. This is split between 124,699 BTC held directly by the exchange and 12,312 BTC in third-party custody. The exchange’s 105% reserve ratio means OKX maintains 137,011 BTC in total wallet assets, keeping an extra buffer above user deposits.

While Bitcoin holdings decreased, other major assets on OKX saw notable growth. Ethereum assets increased by 85,265 ETH to reach 1.765 million ETH, with the exchange maintaining a 102% reserve ratio. This means OKX holds 1.807 million ETH in wallet assets, divided between 1.630 million ETH on the exchange and 176,527 ETH in third-party custody.

USDT holdings showed the largest percentage increase, growing by 1.91 billion to reach 8.56 billion USDT, a 28.79% monthly gain. The stablecoin maintains a 102% reserve ratio, with OKX holding 8.76 billion USDT in total wallet assets.

Reserve ration analysis across assets 

OKX maintains different reserve ratios across its supported cryptocurrencies, with Bitcoin Cash (BCH) showing the highest coverage at 113% of user deposits. For major cryptocurrencies, the reserve ratios paint a clear picture of the exchange’s risk management: Bitcoin at 105%, Ethereum at 102%, and Solana at 103%. These ratios mean that for every $100 worth of user deposits, OKX holds between $102 and $113 in actual assets.

Among other altcoins, XRP and EOS both maintain 107% reserve ratios, while Dogecoin sits at 101%. This consistency in over-collateralization extends to smaller market cap assets, with most maintaining ratios between 100% and 105%.

The exchange keeps lower reserve ratios for stablecoins compared to volatile cryptocurrencies. USDC matches user deposits exactly at 100%, while USDT maintains a slight buffer at 102%.

For USDT, the 102% ratio represents over 8.76 billion USDT in wallet assets against 8.56 billion in user deposits. For ETH, it means holding an extra 42,213 ETH beyond user deposits.

Custody distribution and security measures

OKX divides its assets between direct exchange custody and third-party custody services, with most assets held directly on the exchange. For Bitcoin, 124,699 BTC remain under direct exchange control while 12,312 BTC sit with third-party custodians.

The custody pattern varies by asset type. Ethereum shows a larger portion in third-party custody, with 176,527 ETH held externally, representing about 10% of total holdings. USDT follows a similar model, with 321 billion USDT, or roughly 3.7% of holdings, placed in third-party custody. For tokens like APT, BCH, and LINK, OKX keeps nearly all assets under direct exchange control.

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