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Chart description
Proof-of-Reserves refers to the on-chain reserves as officially disclosed by exchanges. This metric denotes the total balance (in USD) of the biggest holdings on self-reported exchange addresses. We explicitly show at most the top 10 assets (by balance) and combine all others into the 'Other' category. Note that we only incorporate Bitcoin and Ethereum addresses, other blockchains/L1s are not included. Therefore 'Other' should be considered as a lower bound of additional exchange holdings. The proof-of-reserve data differs from our exchange balance metrics as they stricly monitor the balance on officially communicated exchange addresses, which are only a subset of all addresses included in our more comprehensive exchange metrics. For more information please see our article on proof-of-reserve metrics.