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Bitget Proof-of-Reserves (PoR) in June Portrays a 46% Increase in User Assets for Ethereum (ETH)

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[PRESS RELEASE – Victoria, Seychelles, June 25th, 2024]

Bitget, the world’s leading cryptocurrency exchange and Web3 company, has shared its monthly update for the transparent tracking of its proof-of-reserves (PoR) highlighting the reserve ratios of Bitcoin (BTC), Ethereum (ETH), USDT and USDC. As compared to May, the amount of users’ BTC, USDT, ETH surged by 9%, 10% and 46% in June. The recent POR report emphasizes Bitget’s security with over 163% of reserve ratio accounting for all assets. The BTC, ETH and USDT ratios stand at 294%, 169%, and 103% respectively, while USDC is covered by over 662%.

At the time of publishing, the Bitget PoR holds over 5,714 BTC, 68,674 ETH, 935M USDT and 60M USDC. The total reserves stand at $2.9B, which symbolizes Bitget’s efforts in maintaining a safe and secure exchange.

The updated PoR showcases Bitget’s dedication to maintaining more than industry standard 100% reserves, which effectively guarantees that users’ assets are safe. The platform is capable of covering user withdrawals, even if all user assets are withdrawn.

Bitget’s PoR in June verifies its user holdings through cryptographic proofs, public wallet ownership, and recurring audits. The custodian provides transparency and proof of the existence of liquid on-chain reserves that exceed or equal the sum of all user holdings. To achieve this, Bitget stores the hash of each user account’s assets in a leaf node on the Merkle tree. Each user can verify that their assets exist in the Merkle tree by checking the total amount of user assets stored in the Merkle tree leaf nodes.

“As Bitget ascends into becoming one of the largest WEB3 companies, it’s important to highlight that this growth has been achieved by constantly building an ecosystem of products that users genuinely trust and feel safe and easy to use. Being the very first adopters of transparent PoR, we believe users’ security is our priority,” said Gracy Chen, CEO at Bitget

In addition to maintaining a higher than industry standard PoR, Bitget insures its users further with a $300M Protection Fund, now valued over $400 million according to its latest protection fund report. This gives the platform an extra layer of resilience against cybersecurity threats. Users who have their accounts compromised in unfortunate incidents not attributed to their own actions or trading behavior can make a claim through the Bitget Protection Fund.

Bitget continues to lead in the crypto derivatives market, with its Open Interest (OI) indicator surging past $6 billion last month, securing a substantial 25% share of the total market. In the past 30 days, Bitget recorded the highest monthly inflow among all centralized exchanges, with $1.3 billion in new capital, strengthening its position as industry leader.

For real-time PoR tracking, users can visit – https://www.bitget.com/proof-of-reserves

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

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Ripple (XRP) Price Explosion, Shiba Inu’s (SHIB) Potential, and More: Bits Recap July 18

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TL;DR

  • XRP surged by 60% in the last month, hitting a new historic peak. Analysts predict further gains, with targets up to $10.
  • SHIB rose 30% in two weeks, yet 45% of holders remain in the red. Market observers see more upside based on certain chart patterns.
  • BTC dipped to $119K after peaking at $123K, but strong ETF inflows and whale activity suggest the bull run may continue.

XRP Reached Uncharted Territory

Ripple’s XRP has been on the crest of the wave recently, with its price tapping an all-time high (on most exchanges and data aggregators) of over $3.60. The asset’s investors had to wait more than seven years for this achievement since the previous peak of approximately $3.40 was registered at the start of 2018.

Meanwhile, XRP’s market capitalization surged well above $200 billion, solidifying the token as the third-largest cryptocurrency and widening the gap with the fourth, Tether’s USDT.

The coin’s massive rally appears to be a combination of multiple bullish factors, including rising public interest, growing network growth, whales’ accumulation, and the recent green light on some important crypto bills in the United States.

Unsurprisingly, crypto X is rammed with users expecting the uptrend to continue in the short term. Ali Martinez believes a weekly close above $3 could open the door for a price ascent to as high as $4.80. Others like Javon Marks were even more bullish, envisioning a rise to the major milestone of $10. 

What’s Going on With SHIB?

The second-largest meme coin experienced a 30% price increase over the last two weeks, while its market capitalization briefly exceeded $9 billion.

However, many of its holders await more substantial gains as they remain in the red. Earlier this week, the percentage of SHIB investors sitting on unrealized losses was around 54%, while currently it is 45%. This is so because a lot of holders joined the ecosystem years ago when Shiba Inu’s price was in much better condition.

SHIB Holders in Profit
SHIB Holders in Profit, Source: ITB

Still, numerous analysts think the meme coin has the potential to pump much more significantly during this bull cycle. X user CJ claimed SHIB has formed “a pretty epic structure” on its price chart and predicted a massive jump in the near term. 

Is BTC Ready for More?

While the leading cryptocurrency exploded to an all-time high of approximately $123,000 on July 14, it cooled off slightly in the following days. As of this writing, it trades at around $119,000, but certain indicators suggest the rally is far from being over. 

BTC’s Market Value to Realized Value (MVRV), for instance, currently stands at around 2.36. “Historically, values over 3.7 indicated price top and values below 1 indicated price bottom,” CryptoQuant explained.

BTC MVRV
BTC MVRV, Source: CryptoQuant

The flow of capital toward spot BTC ETFs remains solid, showing huge interest from investors, while the whales’ accumulation efforts can also be added to the bullish factors.

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Stellar Surges 61% Weekly, Peter Brandt Calls XLM the ‘Most Bullish’ Chart

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TL;DR

  • XLM climbs 61% in seven days, nearing key resistance after strong technical breakout signals.
  • Peter Brandt calls XLM the “most bullish chart,” eyes $1 breakout to confirm a multi-year pattern.
  • Franklin Templeton tokenizes $446M in U.S. Treasuries on Stellar blockchain, boosting confidence.

Brandt Eyes Breakout Above $1

Stellar (XLM) has gained over 60% in the past week, with the price reaching $0.48 at press time. It is up nearly 5% in the last 24 hours, backed by a 24-hour trading volume of $2.1 billion. The rally has drawn fresh attention after market veteran Peter Brandt described the XLM chart as “potentially the most bullish chart of all.”

Brandt stated that XLM must hold above its April 2025 low near $0.22 and “must must close decisively above $1” to confirm the setup. Until that happens, he said, the chart “will remain range bound.”

Price Structure Builds Toward Key Resistance

Notably, the long-term chart shows a potential ascending triangle along with a cup-and-handle pattern. Both patterns are forming below long-standing resistance at the $1.00 level. That resistance has been tested multiple times since 2018 but has not yet been broken on a closing basis.

XLM’s price is trading above both the 8-period and 18-period moving averages. The shorter-term average has crossed above the longer one, which often signals rising momentum. The ADX is at 45.16, showing that trend strength is elevated.

A short-term resistance area sits near $0.58, according to market analyst CW. 

“$XLM is heading towards the sell wall at $0.58. Below that, there is support from the buy wall,” they said.

Stellar Network Sees Institutional Growth

Franklin Templeton recently tokenized $446 million in U.S. Treasuries on the Stellar network. This reflects continued use of the blockchain platform for real-world asset settlement.

In addition, the Stellar Development Foundation also announced new executive hires. José Fernández da Ponte, who previously led blockchain efforts at PayPal, has joined as President and Chief Growth Officer. Jason Karsh, who held roles at Blockchain.com and Coinbase, is now Chief Marketing Officer.

Stellar’s Protocol 23 is set for a mainnet vote on August 14, 2025. The proposal focuses on updates to core features. Ahead of the vote, interest in XLM has increased, with users and developers watching the outcome closely.

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Cardano (ADA) Bulls Target $1.31 After Surpassing $0.85 Mark

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TL;DR

  • ADA breaks resistance at $0.74 and tests $0.85 as bulls push toward higher price levels.
  • Analysts eye $1.18 and $1.31 targets if ADA closes daily above the $0.85 breakout level.
  • Open Interest on ADA hits $1.65 billion, setting a new record and showing rising trader confidence.

Cardano Holds Gains Near $0.85 After Breakout

Cardano (ADA) traded at $0.852 after rising 7% in 24 hours and 20% over the week. The move followed a breakout from a long downward trend, with buyers now pushing into higher price zones.

Earlier resistance around $0.74 had held the price in check during multiple attempts this year. That level has now been breached. ADA touched nearly $0.78 last week before a brief pullback, but buyers stepped in again, pushing the price above $0.84 heading into the weekend.

Analysts Watch the $0.85 Level for Confirmation

Crypto analyst Ali Martinez said a daily close above $0.85 could open the way toward $1.31. His view is based on earlier market structure and current momentum. ADA has cleared the $0.68 mark, which may now serve as support if prices remain above it.

Marcus Corvinus noted that ADA has exited a long-term descending channel and flagged $0.77 to $0.82 as the next zone to watch. He added that holding above $0.82 could shift attention to $1.18. On the downside, $0.68 and $0.58 are the nearest support zones in case of any pullback.

Open Interest Pushes Higher With Price

Cardano’s recent gains are backed by rising interest in its futures market. Data from CoinGlass shows Open Interest (OI) on ADA has grown by 16% in the last 24 hours, reaching $1.65 billion, surpassing the previous record high of $1.50 billion set on January 18.

ADA open interest
Source: Coinglass

Open Interest reflects capital tied to active trading positions. A steady rise often means traders are committing more capital, which can support ongoing moves. This increase adds weight to the recent price trend.

In fact, with ADA reclaiming the $0.80 range and testing $0.85, traders are focused on whether it can close the day above that level.

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