Two of crypto’s biggest exchanges, Gate.io and Bybit, have released new Proof of Reserves (PoR) reports, reaffirming transparency and user fund safety at a time when exchange trust remains critical.
Both reports reveal billions in verified assets, with major holdings such as Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDT and USDC showing strong coverage, and in some cases, large excess holdings beyond user balances.
Gate.io’s Latest Audit: 124% Total Reserve Ratio
@Gate published its latest quarterly Proof of Reserves report, confirming a 124% total reserve ratio across nearly 500 digital assets.
The report shows Gate holding $11.68 billion in total reserves, comfortably above the 100% benchmark required for full coverage of customer deposits.
Key asset breakdown:
- BTC: 24,833 held vs. 18,536.99 user balance (+33.96% excess)
- ETH: 419,096 held vs. 332,801.81 user balance (+25.93% excess)
- USDT: 1.58B held vs. 1.33B user balance (+18.74% excess)
- USDC: 164.91M held vs. 66.58M user balance (+147.69% excess)
- (BTC trades at $105,940 and ETH at $3,690, CoinMarketCap data.)
Beyond the major assets, Gate also shows robust reserves in native and alt holdings:
- GT (GateToken): 150.98% coverage
- DOGE: 108.12% coverage
- XRP: 116.66% coverage
In total, the exchange reports no asset undercollateralized, a strong signal for users during an uncertain market week.
The full report and Merkle Tree verification are now public, enabling anyone to confirm asset backing.
Gate releases the latest Proof of Reserves Report 📊
As of October 28, 2025:
🔹 Total reserves: $11.676B
🔹 Total reserve ratio: 124%
🔹 Covering nearly 500 types of user assets$BTC, $ETH, and $USDT excess reserve ratios continue to increase, where $GT, $DOGE, and $XRP all… pic.twitter.com/D26OXknkM8— Gate (@Gate) November 3, 2025
Bybit’s 27th Proof of Reserves: Stablecoin Inflows Surge
@Bybit_Official also released its 27th Proof of Reserves snapshot, taken on October 22, 2025.
The data offers a transparent look at Bybit’s asset mix and reveals shifting trends among traders, particularly the surge in stablecoin inflows.
Bybit’s total holdings remain heavily diversified, covering Bitcoin, Ethereum, and a range of stable and utility tokens.
Key figures from the report:
- BTC: 63,980 (↓ 3.13% or 2,068 BTC)
- ETH: 542,165 (↓ 5% or 28,549 ETH)
- USDT: 6.389 B (↑ 27.89% or 1.393 B USDT)
- USDC: 920.24 M (↑ 82.87% or 417 M USDC)
- USDE: 502.1 M (↓ 42.37% or 369.1 M USDE)
- MNT: 823.8 M (↑ 5.01% or 39.35 M MNT)
The small declines in BTC and ETH balances appear to reflect natural outflows during price volatility, while the sharp increase in USDT and USDC suggests traders are repositioning into stable assets, possibly waiting for a new market entry point.
Stablecoin dominance on exchanges typically rises when volatility peaks, and this data fits that pattern.
(BTC currently at $105,900, ETH at $3,680, CoinMarketCap.)
Bybit’s total reserve coverage remains over 100% for all listed assets, meeting its ongoing commitment to maintain verifiable solvency.
#Bybit Publishes 27th Proof of Reserves Report!@Bybit_Official has released its 27th Proof of Reserves, providing another transparent look at user asset balances.
The snapshot, taken on October 22, 2025, shows key shifts across major holdings:
• $BTC holdings: 63,980 (↓… pic.twitter.com/2k6SImnZQb— Crypto Miners (@CryptoMiners_Co) November 3, 2025
Why Proof of Reserves Still Matters
In the post-FTX era, Proof of Reserves is more than a technical document, it’s a trust signal.
Users want transparency, not promises.
Gate.io was one of the first major exchanges to roll out Merkle-Tree-based verification, allowing customers to confirm their wallet balances exist on-chain.
Bybit, on the other hand, has established a routine, 27 separate PoR reports since launching the initiative, a level of consistency unmatched by most competitors.
Together, these reports show a maturing market where audited transparency is becoming an industry standard rather than a marketing tool.
What the Data Tells Us
The most striking takeaway is the divergence in user behavior:
- Gate.io is showing growth across native and altcoin reserves, signaling active holding and trading among retail and institutional users.
- Bybit is seeing heavy stablecoin inflows, hinting that traders are preparing dry powder for the next move rather than fully exiting.
This aligns with current on-chain and market sentiment data, volatility remains high, but liquidity is flowing toward platforms with trust and transparency.
Analysts on X were quick to highlight the numbers.
Crypto market watchers noted that both exchanges maintain healthy excess coverage, a rarity amid falling volumes and tighter liquidity.
Others praised the consistency of these audits, especially as more exchanges continue to delay or skip quarterly PoRs altogether.
Transparency, it seems, is still the best marketing.
Broader Market Context
While exchange data looks strong, the broader crypto market remains in a mild downtrend.
- Bitcoin (BTC) trades below $106K, down 3.4% in 24 hours.
- Ethereum (ETH) sits near $3,690, off about 5.7%.
Yet, institutional accumulation remains visible.
On-chain reports this week highlighted BlackRock’s $185M Coinbase deposit and a 6-year dormant whale moving funds to Paxos, both adding to market intrigue.
Amid these macro shifts, transparent PoR reporting by major exchanges like Gate and Bybit helps maintain trader confidence.
Gate vs. Bybit, Two Different Strengths
Gate’s report leans on breadth, nearly 500 assets verified, each above the 100% benchmark.
Bybit’s focuses on consistency and frequency, with detailed month-over-month movement data.
Both approaches deliver the same message: user funds are safe and fully backed.
And in a climate where trust can shift overnight, that’s no small achievement.
Proof of Reserves has become crypto’s new credibility test.
Exchanges that fail to publish audits risk fading into irrelevance, while those maintaining open, verifiable records continue to grow user loyalty.
Gate.io’s 124% total reserve ratio and Bybit’s continued transparency reaffirm an evolving norm, self-regulation through radical openness.
Both exchanges pass that test, and for users, that’s the headline that matters most.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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