Bybit
Major crypto exchange · customer custody · @Bybit_Official · @Bybit_Official
This cluster is Bybit's exchange reserves — overwhelmingly customer deposits sitting in custody, not the firm's own directional bet. Read it as float and flows: BTC and USDT that clients parked, spread across Ethereum, Bitcoin, Tron and BSC. Proof-of-reserves and net in/out are the signal here, not conviction.
The desk's read
The $13.77B breaks down the way a large venue's balance sheet should. BTC at ~$4.0B and USDT at ~$2.55B are client balances the desk holds on deposit, with ETH (~$569M) and USDC (~$547M) filling out the majors-and-stables mix. Tron carries $1.46B almost entirely because it is the cheap rail for USDT deposits and withdrawals; the $768M on BSC is the same story on another chain. None of this is Bybit expressing a view on price — it is the plumbing of an exchange moving customer coins.
The one line that is not pure custody is MNT at ~$1.05B. Bybit incubated Mantle and remains its anchor, so that stake reads as a strategic ecosystem position rather than client float — the closest thing in this cluster to a directional bet, and it lives or dies with Mantle, not with exchange flows. Keep it mentally separate from the BTC and USDT reserves when you size what is actually customer money on the venue.
Why it matters: after the February 2025 Lazarus theft of ~$1.5B in ETH, proof-of-reserves on this cluster stopped being a formality — Bybit covered the gap, kept withdrawals open, and the balance you see is the post-incident reserve. Watch net flows, not the dollar total. Sustained outflows are customers leaving or de-risking; heavy USDT inflows are dry powder rotating onto the venue. The number drifting with price tells you nothing; the direction of the coin-denominated float tells you sentiment.
What they hold
Largest token positions on-chain data maps to this entity, by USD value.
| Asset? | Chain? | Value? |
|---|---|---|
| BTC | bitcoin | $4.06B |
| USDT | ethereum | $2.54B |
| USDT | tron | $1.45B |
| MNT | ethereum | $1.07B |
| ETH | ethereum | $593.1M |
| USDC | ethereum | $560.6M |
| USD1 | bsc | $354.7M |
| SOL | solana | $274.2M |
| BSC-USD | bsc | $196.8M |
| METH | ethereum | $192.3M |
How to read a row → BTC · bitcoin · $4.06B: this entity's largest position is $4.06B of BTC held on bitcoin. Rows are sorted by USD value, so the top row is the biggest bet.
By chain
| Network? | Value? |
|---|---|
| ethereum | $5.89B |
| bitcoin | $4.06B |
| tron | $1.46B |
| solana | $760.7M |
| bsc | $735.0M |
| hyperevm | $260.6M |
How to read a row → ethereum · $5.89B: $5.89B of the holdings live on ethereum. Chains are ranked by value, so the top row is where most of the money sits.
Source: aggregated on-chain entity data, cross-checked against Etherscan. Balances are USD-denominated and move with price. Updated 20 Jul 2026.
Not investment advice. Entity labels are on-chain attribution and can be imperfect; a labelled balance may mix personal, treasury and custody wallets. Large balances do not imply intent — some never move.