According to CoinMeta, BTC has once again become the largest reserve asset among the exchanges it tracks, with a total scale of approximately $59 billion, accounting for 30.3% of the tracked reserves. USDT holds about $55.3 billion in reserves, accounting for 28.4%, having previously topped the list since May. There are significant differences in the reserve structures of different exchanges; for example, MEXC has a stablecoin reserve ratio of around 70.8%, KuCoin at 60.1%, Bybit at 48.9%, and Bitget at 48.3%. Binance alone has a stablecoin reserve scale of about $46 billion. CoinMarketCap points out that the composition of reserves reflects risk preferences more, while the scale of reserves indicates the volume of liquidity.