# Proof of Reserves Tracker: Exchange Wallet Balances

> Proof of reserves tracker: BTC, ETH and stablecoin balances in exchanges' published reserve wallets, by chain and day, beside the liabilities they report.

Markdown copy of https://voltfincrypto.com/apps/proof-of-reserves-tracker

**Question:** How much BTC, ETH and stablecoins do major exchanges hold in their published reserve wallets, and how has it changed?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Security and risk](https://voltfincrypto.com/topics/security)
- Chains: Multi-chain, Bitcoin, Ethereum, Tron
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Many exchanges publish the addresses of their reserve wallets and a snapshot of what they owe customers. This dashboard reads the balances of those addresses at the last block of each day, chain by chain, so anyone can see what the published wallets hold and how that changes between the exchange's own reports.

Reserves are only half of solvency. What an exchange owes its customers is self-reported or attested off-chain, so the dashboard records each liability figure with its source and date, and computes a reserve ratio only for the dates an exchange published one. Wallets an exchange has not disclosed are not counted, and the dashboard says so for each exchange.

## Blueprint

### Reserves

What each exchange's published wallets hold now, by asset and chain.

- **Published reserves** (USD): Value held in the selected exchange's published reserve wallets at the latest day-end blocks, across chains.
- **BTC in reserve wallets** (BTC): Bitcoin held by the exchange's published Bitcoin addresses at the latest day-end height.
- **ETH in reserve wallets** (ETH): Ether held by the exchange's published Ethereum addresses at the latest day-end block.
- **Stablecoins in reserve wallets** (USD): USDT and USDC held in the exchange's published wallets across covered chains at the latest day-end blocks.
- **Reserves by asset** (USD): The exchange's published reserves split by asset at the latest snapshot.
- **Reserve ratio on the last report date**: Each asset's on-chain reserves against the liabilities the exchange reported on its latest report date, with the report linked.

### History

How reserves, flows and reported ratios changed over time.

- **Net flow, 30 days** (USD): Net transfers into the published wallets over the last 30 days, with moves between them excluded.
- **Published addresses read** (count): Published reserve addresses read for the selected exchange, across chains.
- **Reserves over time** (USD): Daily value of the published wallets per asset over the selected period.
- **Exchanges compared**: Every covered exchange with its reserves per asset, the change over 30 days and its latest reported reserve ratio.

Filters: Exchange (Every exchange that publishes reserve addresses); Asset (BTC, ETH, USDT, USDC and the other assets in the published lists); Period (Last 30 days, last 12 months or since the first published list).

## How it will be measured

- Reserve addresses come only from the lists each exchange publishes, stored with the publication date and link; addresses added later are tracked from their own publication.
- Native and token balances of those addresses are read at each chain's last block of the day, with Bitcoin balances summed from the unspent outputs they hold.
- Liabilities are the customer balances each exchange reports in its proof of reserves release, recorded as published and never estimated.
- The reserve ratio divides on-chain reserves by reported liabilities per asset, only for dates on which both exist.
- Net flows are the transfers into and out of the published addresses each day; moves between an exchange's own published wallets are not counted as flows.

## Data it needs

- `exchange_balances_daily` (to build): Balances held in labelled exchange wallets per asset, chain and exchange at day end, and net flows in and out.
- `address_labels` (to build): Labels for known addresses: exchanges, bridges, protocols, funds, treasuries, sanctioned addresses and known attackers.
- `stablecoins` (published): Every tracked stablecoin contract: issuer, peg, chain, decimals and whether it is native or bridged.
- `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- Source: Exchange-published reserve address lists and liability snapshots, recorded with their date and link
- Source: Native, ERC-20 and TRC-20 balances of those addresses at day-end blocks
- Source: Unspent outputs held by the published Bitcoin addresses at day-end heights
- Source: Daily Transfer logs touching the published addresses, for net flows

## Questions

### What is proof of reserves?

Proof of reserves is an exchange's public showing that it holds customer assets: a list of wallet addresses anyone can check on-chain, usually paired with a snapshot of customer balances in which each customer can verify their own entry, often through a Merkle tree.

### Does proof of reserves prove an exchange is solvent?

Not on its own. It shows assets in disclosed wallets at a moment, but not every liability, not loans against those assets and not assets borrowed for the snapshot. A reserve ratio is only as complete as the liabilities the exchange reports.

### What is a reserve ratio?

The reserve ratio is an asset's on-chain reserves divided by what the exchange reports owing customers in that asset. Above one, the disclosed wallets hold more than the reported liabilities; it says nothing about assets or debts that are not disclosed.

### How is proof of reserves verified on-chain?

The published addresses are read directly: their native and token balances at a pinned block on each chain. Customers can also check their own balance against the exchange's Merkle tree. The dashboard covers the on-chain half and links each figure to its block.

### Why do exchange reserves change?

Reserves move with customer deposits and withdrawals, with trading between assets and with the exchange moving funds between disclosed and undisclosed wallets. Daily net flows are shown so that a drop can be told apart from an internal reshuffle.

## Glossary

- **Merkle tree**: A structure that commits to every customer balance in one hash, so each customer can check their own balance is included without seeing anyone else's.
- **Liabilities**: What an exchange owes its customers, the balances in their accounts, as reported by the exchange or its auditor.
- **Reserve wallet**: An address an exchange discloses as holding customer assets, whose balance anyone can read on-chain.

## Related apps

- [Bitcoin Exchange Reserves and Netflows](https://voltfincrypto.com/apps/bitcoin-exchange-reserves)
- [Crypto Exchange Hacks: Full List and Losses](https://voltfincrypto.com/apps/crypto-exchange-hacks-list)
- [Crypto Whale Transactions: Large Transfers Today](https://voltfincrypto.com/apps/crypto-whale-transactions)
- [Bitcoin Rich List: Largest Addresses by Balance](https://voltfincrypto.com/apps/bitcoin-rich-list)
- [ETH Rich List: Top Ethereum Addresses by Balance](https://voltfincrypto.com/apps/eth-rich-list)
- [Bitcoin Quantum Risk: BTC in Exposed Public Key Addresses](https://voltfincrypto.com/apps/bitcoin-quantum-risk-exposed-keys)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F