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.
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.
