Reserve reports from major exchanges Gate and Bybit paint a clear picture of deteriorating risk appetite, as traders flee volatile cryptocurrencies in favor of stablecoins. User 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 S ...