According to Bybit's report, user assets in Bitcoin and Ethereum have increased, while the volume of USDT has significantly decreased. In the 40th reserve report, Bybit indicated that the volume of covered major assets amounted to $19.6 billion, up from $18.1 billion in the previous report. As of 03:00 UTC on September 23, Bybit users hold 56,131 BTC with 58,721 BTC in wallets – the reserve ratio for Bitcoin stands at 104%. User assets in Ethereum grew by 2.96% to 551,869 ETH with 570,018 ETH in wallets, raising the reserve ratio to 103% (up from 102%). The volume of user assets in USDT fell by 11.46% to approximately $3.59 billion from $3.96 billion in wallets – the reserve ratio is 110%, up from 105% in July.
In contrast to USDT, user balances in USDe increased by 62.41% to approximately 516 million tokens. The reserve ratio for USDC was 223%: about 334.8 million USDC in user assets against $748.3 million in wallets. A ratio above 100% means that the assets in Bybit's wallets exceed liabilities to clients at the time of the snapshot, but it does not imply that clients receive the difference.
Bybit transitioned to a 50-token coverage back in July, adding GRAM, XAUT, HYPE, STABLE, ENA, ARB, ASTER, ONDO, AAVE, and USD1. In the September report, the current set of 50 tokens was supplemented by another list of ten assets – among them PUMP, SUI, LIT, CAP, SPX, ZEREBRO, XPL, USDTB, PENGU, and ZRO. The reserve ratios for these ten assets range from 101% to 125%: XPL at 125%, LIT at 121%. Therefore, the increase in total volume from $18.1 billion to $19.6 billion should not be automatically attributed to the expansion of coverage.