Bitcoin's exchange reserve has fallen to its lowest level since 2023, with about 2.68 million BTC now held across exchanges. Traders have pulled tokens off exchanges as Bitcoin's price rebounded toward $87,000, though analysts caution the drop may not entirely confirm a bullish outlook.
Bitcoin's exchange reserve has dropped to levels not seen in three years, as traders keep moving tokens off exchanges amid rising demand. After Bitcoin reclaimed its previous high around $87,000 in a brief price recovery, the rally drove traders to scoop up tokens from exchanges, pushing reserves sharply lower.
2.68 million Bitcoin left to buy
Per data from crypto analytics platform CryptoQuant, Bitcoin exchange reserves have dropped to a fresh multi-year low after the price rebound. Following this drop, there are now about 2.68 million BTC held across exchanges as of Saturday, October 3.
Decreases in exchange reserves are often perceived as a potential sign of accumulation or long-term holding. However, analysts have also warned that the case this time may not entirely confirm a bullish outlook, since increases in outflows from major exchanges like Binance could stem from several other factors.
Bitcoin supply is shrinking
Additional data shows Bitcoin exchange reserves have been trending lower across several market cycles. The last time reserves peaked was in early 2024, when they reached around 3.2 million BTC, while Bitcoin traded below $70,000.
Since then, the amount of Bitcoin held on exchanges has steadily declined despite substantial swings in price. The downtrend continued through the rally toward $73,000 in 2024, the 2025 bull run toward $126,000, and the 2026 pullback, and reserves have now reached the lowest level of the entire period.
This descending pattern suggests the decline in Bitcoin's exchange supply isn't tied to a single price event, even as it has retraced to 2023 levels.
Source: U.Today
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