OKX Publishes December Proof of Reserves Report Showing $31.2B in Primary Assets

OKX's December 2025 Proof of Reserves Report

OKX has released its latest Proof of Reserves (PoR) report for December 2025, showing that user-held assets on the exchange remain above $31.2 billion. The report, which covers holdings as of December 11, is part of the exchange's ongoing commitment to transparency and solvency verification according to the report.

Bitcoin holdings on OKX increased slightly by 0.05%, reaching approximately 130,507 BTC. While the rate of growth remains modest, the absence of significant outflows suggests user confidence during a period of mixed market sentiment.

Ethereum, in contrast, showed more notable growth, with user-held ETH rising by 2.14% to 1.6452 million ETH. This increase may indicate rising engagement in DeFi, NFTs, and Layer-2 activity.

Stablecoins, particularly USDT, experienced the most significant growth, with user balances rising by 4.23% in less than a month. The influx suggests capital remaining on the sidelines as traders wait for clearer market signals.

OKX continues to maintain reserve ratios over 100% for major assets like BTC, ETH, and USDT. This means that the exchange holds more than enough on-chain assets to cover all user deposits according to the report.

Why Did This Happen?

The December PoR report reflects a period of consolidation rather than stress in the market. The relatively flat or slightly positive growth in major crypto assets indicates that users are not rapidly withdrawing funds during a potential downturn.

Bitcoin's minimal outflows are unusual for a bull phase, where users typically move funds to self-custody solutions. The stability suggests that OKX's user base is holding positions for longer periods.

Ethereum's stronger growth could be linked to increased staking and on-chain activity, as the network continues to evolve with new use cases. Ethereum's role as a base asset for DeFi and Layer-2 solutions makes it a popular choice for holding funds on exchanges according to analysis.

How Did Markets React?

The rise in USDT balances is often seen as a sign of liquidity being held in reserve. Traders may be waiting for clearer price direction before committing funds. While this can signal caution, it also suggests potential future buying pressure if market conditions improve.

OKX's consistent PoR disclosures help reinforce trust in the exchange. As the crypto industry continues to recover from past failures, such transparency is increasingly valued by users and regulators.

Regulators in the U.S. have also signaled a shift toward rules-based oversight, which may further support institutional participation in the market. The recent passage of the Digital Asset Market Clarity Act and the establishment of a federal 'Crypto Czar' reflect the growing legitimacy of digital assets.

What Are Analysts Watching Next?

The steady asset growth on OKX suggests that the exchange is maintaining a stable user base despite ongoing market uncertainty. Analysts are monitoring whether this trend continues into 2026, as it could indicate broader investor positioning.

Stablecoin growth is also under close scrutiny. With stablecoins now accounting for over 30% of on-chain transactions, their role in the broader financial system is expanding. The rise of regulated stablecoins and tokenized deposits could further blur the lines between traditional and digital finance.

Institutional activity in Ethereum is another key area of focus. Large firms like BitMine and Trend Research are staking and accumulating ETH in anticipation of future price appreciation. These moves suggest confidence in the network's long-term fundamentals.

As global regulators continue to finalize rules for stablecoins and digital assets, the next few months will be critical in determining the regulatory environment for 2026. South Korea's decision to delay its Digital Asset Basic Law until 2026 adds further uncertainty to the market.

The integration of AEON's QR code crypto payments on OKX's X Layer represents another significant development. This partnership supports faster, lower-cost transactions and may help drive mainstream adoption of blockchain-based commerce.

Overall, the December PoR report from OKX provides a snapshot of current market dynamics and user behavior. As the crypto industry continues to mature, transparency, institutional participation, and regulatory clarity will remain central to long-term growth and stability.