Gate.io and Bybit Data Reveals Traders Are Done With Risk Assets for Now

Reserve reports from major exchanges Gate and Bybit paint a clear picture of deteriorating risk appetite, as traders flee volatile cryptocurrencies in favor of ￰0￱ holdings of Bitcoin and Ethereum on Bybit declined sharply in October, while USDT balances surged by nearly 28%, as expectations for a rate cut faded and market volatility intensified. Bybit’s latest Proof of Reserves snapshot, dated October 22, shows user BTC holdings at approximately 64,000 coins, down 3.13% or 2,068 BTC from September’s count.) November 3, 2025 Elevated leverage built through October left long positions vulnerable, and as prices slipped, forced liquidations pushed spot levels ￰1￱ cited fading confidence in a faster easing cycle and a stronger dollar as the immediate catalysts for the ￰2￱ holders added to the selling ￰3￱ to a latest Cryptonew report , on-chain data from Lookonchain shows that the pseudonymous whale BitcoinOG deposited roughly 13,000 BTC, worth $1.48 billion, to Kraken since October 1, including 500 BTC on November ￰4￱ adopter Owen Gunden transferred 3,265 BTC, valued at $364.5 million, to Kraken since October 21, reactivating wallets that had been dormant for ￰5￱ Bitcoin OG, known for shorting Bitcoin during major swings, reportedly earned nearly $197 million by timing the October 11 ￰6￱ participation continued its steep ￰7￱ data shows daily inflows from small holders to Binance have collapsed from around 552 BTC in early 2023 to just 92 BTC currently, a drop of more than 80%.