Cryptocurrency exchange OKX has released its 49th proof-of-reserves report, revealing increased customer holdings of Bitcoin and Ethereum alongside a significant decline in Tether balances.
The report, published on November 2, 2026, uses a November 1 snapshot and compares customer balances with the previous assessment conducted on October 3.
Bitcoin holdings increased 9.66% to 156,609 BTC, representing an addition of approximately 13,800 BTC during the reporting period. Ethereum holdings rose 2.95%, or 54,879 ETH, reaching approximately 1.92 million ETH.
In contrast, USDT balances declined by approximately 787 million tokens, a 9% decrease, bringing total customer holdings to 7.96 billion USDT. The divergence indicates a change in the composition of assets held by OKX customers, although the report does not establish whether users purchased cryptocurrencies, transferred assets from other platforms or withdrew stablecoins.
OKX reported approximately $27.88 billion in combined wallet assets across Bitcoin, Ethereum, USDT and USDC.
Bitcoin and Ethereum Holdings Increase as Stablecoin Balances Fall
The latest disclosure shows that customer Bitcoin holdings reached 156,609 BTC, compared with approximately 142,809 BTC in the previous reporting period. OKX reported 169,755 BTC in corresponding wallet assets, producing a reserve ratio of 108%.
Ethereum customer balances increased to 1,916,904 ETH, supported by 1,926,698 ETH in disclosed reserves. The resulting Ethereum reserve ratio stood at 101%. Meanwhile, USDT customer holdings fell to 7,955,760,726 tokens.
Despite the decline, OKX reported 8,466,968,379 USDT in wallet assets, equivalent to a 106% reserve ratio. USDC customer balances stood at approximately 1.85 billion tokens, with disclosed reserves also near 1.85 billion, producing a ratio of 100%. The exchange additionally reported reserve ratios of 107% for XRP, 105% for Solana and 101% for Dogecoin.
OKB customer holdings declined slightly by 0.08% to approximately 19.68 million tokens. These figures reflect balances recorded at specific reporting dates rather than cumulative trading activity. Changes can result from deposits, withdrawals, conversions and transfers between accounts.
Consequently, the decline in USDT holdings cannot independently be interpreted as an equivalent amount of net capital leaving the exchange.
Reserve Transparency Gains Attention Following Exchange Security Incidents
OKX’s latest report comes amid heightened scrutiny of cryptocurrency exchange custody practices following major security incidents across the industry. The company has published monthly proof-of-reserves disclosures since November 2022, providing customers with tools to verify that their reported balances are included in the reserve calculations.
Its system uses cryptographic verification methods, including zero-knowledge proofs, to support customer balance verification without publicly disclosing individual account information. The latest report marks four years of continuous monthly disclosures.
However, proof-of-reserves reports have limitations. They provide evidence of asset backing at a particular point in time but do not necessarily establish an exchange’s complete financial condition, including all corporate liabilities and operational obligations.
The figures also include assets held through third-party custodians. For example, OKX reported approximately 7,163 BTC and 54,484 ETH in third-party custody within its disclosed wallet totals. Those balances require consideration of the relevant custodial arrangements when assessing asset availability.
The increase in Bitcoin and Ethereum holdings may reflect changing customer positioning, but the available data does not identify the motivations behind those changes. Similarly, declining stablecoin balances do not automatically indicate deteriorating liquidity or reserve coverage.
For market participants, the report provides a measurable snapshot of customer asset composition and the exchange’s stated backing ratios. Future disclosures will help establish whether the shift toward larger Bitcoin and Ethereum balances represents a sustained trend or a temporary adjustment during volatile market conditions.
