OKX’s latest proof of reservesreport points to a clear shift in user behavior. Bitcoin and Ethereum balances fell, while $USDTholdings increased during a volatile market stretch.

What the April 20 snapshot showed

According to OKX’s official dashboard, $BTCaccount assets stood at 117,039 $BTC, while wallet assets totaled 123,674 $BTC. That left the exchange with a 106% Bitcoin reserve ratio, meaning $BTCheld by OKX remained above customer liabilities.

okx wallet app - OKX proof of reserves shows BTC and ETH balances fall as USDT rises

Moreover, the broader change came from lower customer balances. Between the March 3 and April 20 reports, $BTCaccount 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.

okx wallet app - OKX proof of reserves shows BTC and ETH balances fall as USDT rises

The decline tracked market weakness. Bitcoin traded near the $76,000area after losing momentum, following an intraday high around $77,474before pressure pushed it lower. Ethereum moved in a similar range, trading near $2,278after touching $2,310and dipping to an intraday low of $2,256.

What the balances may signal

That said, the $BTCand $ETHreductions on the exchange do not mean OKX sold those assets. A proof of reserves auditmainly 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 positioningrather than a direct read on exchange trading decisions.

In contrast, $USDTmoved higher. OKX reported 10.214 billion $USDTin account assets and 11.278 billion $USDTin wallet assets, which produced a 110% $USDTreserve ratio. $USDTholdings 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.

$OKBalso 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. $BTCand $ETHbalances declined, $USDTbalances rose, and the listed assets remained fully backed.