Santiment noted that reduced exchange inventory has historically correlated with fewer large-scale sell-offs.
Bitcoin News
Santiment's Sanbase dashboard shows exchange reserves have declined by over 403,000 $BTC in the 12 months since Dec. 7, 2024. The drawdown represents roughly 2% of total supply.
CoinGlass data indicates exchanges currently hold approximately 2.11 million coins, measured as of Nov. 22, when Bitcoin traded around $84,600.
Cold storage wallets are absorbing much of the supply leaving trading platforms. The movement creates additional friction for sellers and points toward extended holding strategies among investors.
Santiment noted that reduced exchange inventory has historically correlated with fewer large-scale sell-offs. The platform described the trend as a constructive long-term signal for price stability.
Giannis Andreou of Bitmern Mining pointed to exchange-traded funds as another destination for coins exiting platforms. BitcoinTresuries.Net data shows combined ETF and corporate holdings now exceed all exchange balances.
Andreou characterized the development as institutional ownership reaching a new stage. Regulated investment vehicles are increasingly driving market dynamics rather than spot trading platforms, according to his analysis.
BitBo tracks ETF holdings above 1.5 million Bitcoin and public company treasuries above 1 million coins. The two categories account for nearly 11% of total supply between them.
Strategy holds 660,624 Bitcoin after implementing its treasury strategy in 2020. The accumulation pattern illustrates how institutions are reshaping supply distribution across the market.
Bitcoin maintained levels near $90,000 as the exchange outflows continued. Santiment assessed the sustained withdrawal pattern as favorable for the asset's long-term trajectory.
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