The 45th Reserve Certificate, which was recently disclosed by Currency, showed that at the time of the August 1st snapshot, the platform users held approximately 65.57 million BTCs, an increase of 16349 over the beginning of July and an increase for the third consecutive month. Meanwhile, ETH and USDT user balances continue to decline.
The company disclosed that approximately 3.98 million ETHs were held by users in this snapshot, a decrease of 10,5154 or 2.57 per cent compared to the previous month. The USDT holder dropped to about 32.9 billion, a reduction of about 870 million a month, or 2.57 per cent.
BTC, three months in a row.
According to data from recent periods, the balance of the currency users BTC has continued to rise since May. After the May snapshot, 25838 were added, 7715 in June and 16349 in August. Based on these three monthly reports, the cumulative increase in the BTC balance between May and August was close to 50,000.
However, the reserve report reflects a change in the account balance at a given point in time and does not equate to the fact that the user directly bought the same amount of bitcoin in the currency spot market. The increase in balances may also result from transfers from external exchanges, personal wallets to their full value, or asset transfers between different products within the platform.
ETH and USDT continue to fall
The ETH holdout has declined for two consecutive periods after a significant increase in June. The data disclosed by the Française show that the users held approximately 4.14 million ETHs on 1 June, falling to about 4.08 million in July and to about 3.98 million in August.
USDT has declined for three months in a row. The report does not indicate where these stable currencies are going, and therefore does not allow a direct judgement to be made as to whether users have converted USDT to BTC. The funds may also be transferred to other stable currencies, external wallets or to other trading platforms.
BTC and ETH reserve ratio of 100.25%
The company disclosed that the BTC and ETH reserve rates were 100.25 per cent and the USDT reserve rate 103.62 per cent at the time of the snapshot. By this calibre, the associated reserve assets disclosed by the Platform are higher than the corresponding user liability.
Currency indicates that its reserve certification system covers user assets by 1:1 and maintains additional reserves. Using Merkel tree and zero knowledge certificates, users can download validated data to check that their account balances are included in the statistics, and the platform simultaneously publishes the relevant wallet addresses.
The reserve certificate is still time data.
The certificate of reserve is primarily used to account for chain assets at the time of disclosure and to cover the user liability included in the report, but it is not a substitute for a full, independent financial audit. Once the snapshot is completed, both the Platform ' s assets and user balances may continue to change.
Such reports would not normally cover the full range of other liabilities, internal controls, borrowing arrangements or chain obligations of the enterprise. As a result, it is closer to a phased disclosure of asset coverage than a comprehensive audit of the entire platform balance sheet.
Additional information:Currency Ang has not yet published the exact time of issuance of the 46th issue of the reserve certificate. At its pace in recent months, the next snapshot may be close to September 1.