Cryptocurrency exchange Bybit published its latest reserve test report. This reveals a notable change in the composition of users’ assets. The snapshot, dated December 17, shows lower Bitcoin and Ethereum holdings. While stablecoin balances increased considerably. The data comes from Bybit’s 29th reserve disclosure. Compares user assets to on-chain wallet balances to confirm full support.
Bitcoin and Ethereum balances trend down
According to the report, Bitcoin held by users stood at around 63,200 BTC. This marked a 5.49% decline on November 19. In absolute terms, users’ BTC balances fell by approximately 3,674 BTC during the period. Ethereum holdings followed a similar pattern. User balances fell to approximately 536,800 Ethereum, down 6.67% month over month.
Bybit published its 29th Proof of Reserves report (snapshot date: December 17). Users’ BTC holdings stood at approximately 63,000 BTC, down 5.49% from the previous snapshot on November 19 (a decrease of 3,674 BTC). Users’ ETH holdings amounted to approximately 537,000 ETH, down 6.67% (down 38,361 ETH). USDT User… pic.twitter.com/lXjHSYCE8T
– Wu Blockchain (@WuBlockchain) December 25, 2025
This represents a reduction of over 38,000 ETH. The drop suggests that some users reduced their exposure to major cryptocurrencies during December. Market participants often rebalance their holdings near the end of the year, especially during periods of lower volatility or consolidation.
Stablecoin Holdings See Strong Growth
While BTC and ETH declined, stablecoins moved in the opposite direction. Tether held by users increased to approximately 6.05 billion USDT. This was an increase of around 8.13% or approximately 455 million USDT compared to the previous snapshot. Another stablecoin, the USDE, also saw growth. User balances increased more than 15% to around 472 million units. The increase in stablecoin holdings points to a more defensive positioning by users. These changes are common when traders reduce directional risk. Having stablecoins allows users to stay liquid while waiting for clearer market signals.
Reserve ratios remain above 100%
Despite the asset mix changes, Bybit reported reserve ratios above 100% across major tokens. This means that the exchange has more assets in its wallets than the users collectively own. For Bitcoin, the reserve ratio was around 103%. Ethereum and USDT reserves also surpassed the 100% threshold. Several altcoins showed even higher coverage, with some reserve ratios reaching 120% or more. Bybit stated that users can compare on-chain wallet data with reported user balances. This transparency is intended to reassure customers following scrutiny of currency solvency across the industry.
What data suggests about user behavior
The December report highlights a change in sentiment rather than stress. There were no signs of sudden withdrawals or reserve shortfalls. Rather, the data points to a gradual reallocation. Lower BTC and ETH balances suggest reduced exposure to price swings. Meanwhile, rising stablecoin holdings indicate caution and capital preservation. As markets move into the new year, user behavior may change again. Much will depend on macroeconomic conditions, liquidity, and broader crypto market momentum. Currently, Bybit’s latest disclosure shows stable reserves and a clear trend towards stablecoins. The next stock market report will indicate whether this positioning is maintained until early 2026.
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