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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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