Since early 2023, Bitcoin reserves on centralized exchanges have been steadily declining, indicating a shift in investor behavior in the market.
Consistent Decrease in Bitcoin Reserves on Exchanges
According to CryptoQuant data, the amount of BTC on exchanges fell from approximately 3.4 million to about 2.5 million BTC by August 2025. This drop of roughly 800,000 BTC reflects a net withdrawal behavior among investors.
Inverse Relationship Between Price and Reserves
Bitcoin's price increased from about $16,000 to over $109,000. The continued decline in reserves suggests that buyers are moving coins off exchanges, likely to cold storage, during accumulation phases.
No Significant Influx Even at High Prices
Notably, even as the price crossed major psychological levels like $70,000, $90,000, and $100,000, there was no clear reversal in the reserve downtrend. This indicates a low intent to sell, reflecting confidence from larger holders.
The decline in Bitcoin reserves on exchanges, coupled with the surge in its price, may indicate long-term investor confidence and a preference for holding the asset.
