OKX’s latest proof of reserves report points to a clear shift in user behavior. Bitcoin and Ethereum balances fell, while USDT holdings increased during a volatile market stretch.
Summary
What the April 20 snapshot showed
According to OKX’s official dashboard, BTC account assets stood at 117,039 BTC, while wallet assets totaled 123,674 BTC. That left the exchange with a 106% Bitcoin reserve ratio, meaning BTC held by OKX remained above customer liabilities.
Moreover, the broader change came from lower customer balances. Between the March 3 and April 20 reports, BTC account holdings dropped by 15,850 BTC, or 11.93%. Ethereum followed the same pattern, with account assets falling by 143,088 ETH, about 8.19%, to 1.606 million ETH.
The decline tracked market weakness. Bitcoin traded near the $76,000 area after losing momentum, following an intraday high around $77,474 before pressure pushed it lower. Ethereum moved in a similar range, trading near $2,278 after touching $2,310 and dipping to an intraday low of $2,256.
What the balances may signal
That said, the BTC and ETH reductions on the exchange do not mean OKX sold those assets. A proof of reserves audit mainly reflects customer balances and exchange-backed assets at a specific moment.
Instead, the drop may point to withdrawals into self-custody, transfers to other platforms, profit-taking, or reduced exposure during uncertainty. In other words, it offers a view of crypto user positioning rather than a direct read on exchange trading decisions.
In contrast, USDT moved higher. OKX reported 10.214 billion USDT in account assets and 11.278 billion USDT in wallet assets, which produced a 110% USDT reserve ratio. USDT holdings also rose by about 73.78 million USDT, or 0.73%, over the same period.
Moreover, this looks like a stablecoin liquidity shift. Users may be moving into cash-like assets while waiting for clearer direction, or keeping funds ready for a potential re-entry if Bitcoin and Ethereum stabilize.
OKB also edged higher. Holdings increased by 87,345 OKB, or 0.44%, to about 19.967 million OKB. Wallet assets reached 20.039 million OKB, leaving a 100% reserve ratio.
Overall, the April 20 snapshot suggests a more cautious base on OKX. BTC and ETH balances declined, USDT balances rose, and the listed assets remained fully backed.
