Kucoin, a prominent cryptocurrency exchange, has recently published its latest asset reserve certificate, shedding light on changes in user holdings.
The certificate, dated September 29, 2023, indicates shifts in the cryptocurrency assets held by Kucoin users since August 31, 2023.
According to the report, users’ Bitcoin (BTC) assets totaled 17,617.5 BTC, marking a 4% decrease from the previous month.
Similarly, Ethereum (ETH) holdings decreased by 3% to 148,125 ETH. Notably, users’ Tether (USDT) assets also experienced a decline, with a 4% decrease to 837 million USDT.
Kucoin released the latest (9-29) asset reserve certificate. The user's BTC assets were 17,617.5, a decrease of 4% from the last time (8-31); the user's ETH assets were 148,125, a decrease of 3%; the user's USDT assets were 837 million, 4% lower than last time.…
— Wu Blockchain (@WuBlockchain) October 1, 2023
These changes in user holdings align with data from Defillama, which reveals a net outflow of $118 million from Kucoin in the past month.
This outflow suggests that some users may have been withdrawing their assets from the exchange, potentially due to shifts in market preferences or individual investment strategies.
The publication of asset reserve certificates is a transparency measure undertaken by Kucoin to assure users of the platform’s commitment to maintaining adequate reserves to cover user deposits and withdrawals. Users can access the full certificate for more detailed information on Kucoin’s asset reserves on the Kucoin website.
