Bybit Proof-of-Reserves 32nd report: BTC/ETH/USDT backed >100%
Bybit released its 32nd Proof-of-Reserves (PoR) report, with reserves measured as of Mar. 18, 2026 and independently verified by Hacken. The disclosure says Bybit remains overcollateralized on major tracked assets, with reserve ratios above 100%, reinforcing that user liabilities are fully backed by on-chain holdings.
Key Proof-of-Reserves ratios (Mar. 18 snapshot): USDT 108% (~$5.72B user vs ~$6.19B wallet), USDC 104% (~$728.4M vs ~$764.3M), BTC 108% (49,365 BTC vs 53,757 BTC), and ETH 101% (516,717 ETH vs 525,205 ETH). The largest buffers are in BTC and USDT, while ETH is closer to parity but still above 1:1.
Bybit reiterated its monthly PoR cadence and independent attestations to improve verifiable exchange transparency for custody solvency. For traders, this is broadly confidence-positive for exchange risk, but it is not a direct spot-price catalyst.
Proof-of-Reserves, Bybit’s new 32nd update, and the >100% backing across BTC/ETH/USDT may slightly influence sentiment around centralized custody risk rather than immediate market direction.
Neutral
The latest Bybit Proof-of-Reserves update claims reserves are overcollateralized on major assets, with reserve ratios above 100% for USDT, USDC, BTC and ETH (including >1:1 backing for BTC/USDT and only slightly above parity for ETH). This supports exchange solvency sentiment, which can reduce perceived counterparty risk and be mildly confidence-positive.
However, both summaries emphasize that PoR disclosures are not a direct spot-price catalyst. In the short term, traders may use this information mainly for risk management (position sizing, leverage decisions, or preference for exchanges with stronger attestations). In the long term, continued monthly PoR plus independent verification could gradually improve trust, but it typically doesn’t change fundamentals fast enough to drive a strong directional move in BTC or ETH by itself.