While Bitcoin balances continue their months-long decline on the exchange, Ethereum deposits are quietly swelling. This divergence paints a clear picture of two competing asset narratives, with traders likely rotating into altcoins.

尽管比特币余额在交换中继续下降了几个月的下降，但以太坊的矿床却悄悄地肿胀。这种差异清楚地描绘了两个相互竞争的资产叙事，交易员可能会旋转成山寨币。

On August 29, crypto exchange OKX published its 34th consecutive monthly proof of reserves, verifying it holds all user assets with a substantial surplus. The audit, dated August 18, confirms the platform safeguards $33.7 billion in primary client assets, with Bitcoin (BTC), Ethereum (ETH), and major stablecoins all backed at over 100%.

8月29日，加密交易所OKX连续第34次发布了储备金证明，验证其持有所有用户资产的大量盈余。日期为8月18日的审计证实了平台保障措施337亿美元的主要客户资产，比特币（BTC），以太坊（ETH）和Major Stablecoins均以100％以上的支持。

However, beneath these headline solvency figures lies a more telling trend: a sustained migration of user capital that is reshaping the exchange’s balance sheet in real-time.

但是，在这些标题偿付能力数字之下，这是一个更具说服力的趋势：用户资本的持续迁移正在实时重塑交易所的资产负债表。

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A deep dive into the data and its implications

深入了解数据及其含义

The numbers from the August snapshot are striking in their consistency yet revealing in their detail. Bitcoin, still the largest single holding on OKX, showed a 106% reserve ratio, meaning the exchange has more BTC than its users keep on the platform. Even so, balances have been edging lower for months.

八月快照的数字在其一致性上引人注目，但详细却揭示了。比特币仍然是OKX上最大的单人持有，显示了106％的储备比，这意味着该交易所具有的BTC比其用户在平台上保留的要多。即便如此，余额已经降低了几个月。

In May, user-held Bitcoin stood at more than 125,000 coins. By late July it had slipped below 117,000, and the latest update shows just over 115,000 left on the exchange. Ethereum, meanwhile, has pushed in the opposite direction. With a 104% backing ratio, deposits climbed past 1.7 million ETH, continuing a run of inflows that has contrasted sharply with Bitcoin’s gradual retreat.

5月，用户拥有的比特币以超过125,000个硬币处于销售状态。到7月下旬，它已经滑倒了117,000，最新更新显示了交易所还剩下115,000多个。同时，以太坊朝相反的方向推动。凭借104％的备份率，存款攀升了170万ETH，继续进行了一大批流入，与比特币的逐渐撤退形成鲜明对比。

An OKX representative told crypto.news last month that this divergence is not a liquidity issue but a behavioral one. More Bitcoin holders are choosing to move their coins into cold storage or into staking products, effectively opting out of exchange balances.

OKX代表上个月告诉Crypto.news，这种差异不是流动性问题，而是行为问题。更多的比特币持有人选择将硬币转移到冷藏或制作产品中，从而有效地退出交换余额。

Ethereum, by contrast, is seeing inflows as traders embrace its on-chain activity and staking utility. The proof-of-reserves data makes this shift visible in real time, painting a picture of investors rotating not away from exchanges entirely but away from one asset and toward another.

相比之下，以太坊正在看到流入随着贸易商的链链活动和固定效用。储存证明的数据使这一转变可实时可见，描绘了一幅投资者的图片，这些投资者并非完全远离交流，而要远离一种资产，而朝另一资产驶向另一个资产。

Rotation into altcoins?

旋转到山寨币？

The reshuffling is not confined to the two largest cryptocurrencies. XRP posted the strongest ratio of any major token in the report, with 107% of user deposits covered by exchange holdings.

改组不仅限于两个最大的加密货币。 XRP在报告中发布了任何主要令牌的比例最强，交易所持有的用户存款中有107％。

The coin’s total wallet assets stood above 274 million, suggesting that traders are not just sticking with XRP but adding to their positions. Dogecoin and Solana also showed cushions above 100%, with DOGE balances clearing 5.6 billion coins and SOL holdings approaching 6.7 million.

硬币的总钱包资产高于2.74亿，这表明交易者不仅要坚持XRP，而且还增加了其头寸。 Dogecoin和Solana还显示出100％以上的垫子，Doge余额清除了56亿硬币，Sol Holdings接近670万。

Stablecoins followed a similar pattern. Tether came in at 105% with more than $10.1 billion in wallet assets, while USD Coin was pegged right at 100%, a reminder of the precision with which OKX matches liabilities against reserves.

稳定剂遵循类似的模式。 Tether的收入为105％，其钱包资产超过101亿美元，而美元硬币的固定为100％，这提醒了OKX与储备金的负债相匹配的精度。

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