$BTC on exchanges keeps dropping lately.
A few years ago exchanges held over 3.2M BTC, but now reserves are around 2.4M–2.7M BTC. That’s almost 1 million BTC removed from exchanges since 2023.
Most of it looks like long-term holders and institutions moving coins to cold wallets instead of keeping them ready to sell. Some supply is also getting absorbed by ETFs and large investors.
When exchange reserves get this low, it sometimes creates a supply squeeze. If demand suddenly increases, price can move very fast because there’s less BTC available to sell.
Right now Bitcoin is still hovering around $69K–$71K, mostly consolidating while the market waits for macro news and liquidity changes.
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