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Bitcoin

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The amount of Bitcoin held on centralized exchanges plunged to a six-year low as the asset climbed to a new all-time high.
Bitcoin notched a new <a href="https://cointelegraph.com/news/4-reasons-why-bitcoin-failing-copy-all-time-highs-gold-and-stocks" rel="noopener noreferrer nofollow" target="https://cointelegraph.com/news/4-reasons-why-bitcoin-failing-copy-all-time-highs-gold-and-stocks">all-time high</a> on Sunday morning, reaching a little over $125,700 on Coinbase, <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" rel="noopener noreferrer nofollow" target="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE">according</a> to Tradingview.
Its previous peak was $124,500 on Coinbase on Aug. 14. Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) pulled back by 13.5% by Sept. 1 but has recovered strongly over the past week as “<a href="https://cointelegraph.com/news/uptober-underway-btc-approaching-seven-week-high-20k" rel="noopener noreferrer nofollow" target="https://cointelegraph.com/news/uptober-underway-btc-approaching-seven-week-high-20k">Uptober” began</a>.&nbsp;&nbsp;&nbsp;
“Bitcoin hits new all-time high … And most people still don’t even know what Bitcoin is,” <a href="https://x.com/NateGeraci/status/1974682388770037871" rel="noopener noreferrer nofollow" target="_blank">commented</a> Nova Dius President Nate Geraci.
“If Bitcoin is able to convincingly break $126,500, then chances are price will go a lot higher and quickly,” <a href="https://x.com/rektcapital/status/1974485777234161796" rel="noopener noreferrer nofollow" target="_blank">said</a> analyst Rekt Capital on Saturday, before the latest price peak.
<figure>
 <img alt="Markets, Cryptocurrency Exchange, BTC Markets" src="https://s3.cointelegraph.com/uploads/2025-10/0199b2b6-9794-796c-bd92-3933d080def2">
 <figcaption style="text-align: center;">
 BTC prices reach a new peak above $125,000. Source: <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE" rel="noopener noreferrer nofollow" target="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE">Tradingview</a>
 </figcaption>
</figure>
<h2 id="exchange-balances-drop-to-six-year-low">Exchange balances drop to six-year low</h2>
The total Bitcoin balance on centralized exchanges fell to a six-year low of 2.83 million BTC on Saturday, <a href="https://studio.glassnode.com/charts/distribution.BalanceExchanges?a=BTC" rel="noopener noreferrer nofollow" target="_blank">according</a> to Glassnode.
The last time that there were fewer coins stored on exchanges was early June 2019, when the asset was trading around $8,000 in the depths of a bear market.
Blockchain analytics platform CryptoQuant has a slightly lower total exchange reserve <a href="https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" rel="noopener noreferrer nofollow" target="_blank">figure</a> of 2.45 million BTC, which puts it at a seven-year low.&nbsp;
Both platforms show that the BTC exchange balance has dropped sharply over the past couple of weeks. More than 114,000 BTC worth over $14 billion has left exchanges over the past fortnight, according to Glassnode.
When Bitcoin moves off centralized exchanges into self-custody, institutional funds, or <a href="https://cointelegraph.com/news/tokenizing-stock-dat-compound-risk-investor" rel="noopener noreferrer nofollow">digital asset treasuries</a>, it suggests holders are planning to keep their coins long-term rather than sell them. Bitcoin sitting on exchanges is considered “available supply” that could be liquidated and hit the market at any moment.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-10/0199b2ae-be57-70f3-a379-9ebbfbd02288" title="" alt="Bitcoin powers to $125K peak as balance on exchanges falls to six-year low">
 <figcaption style="text-align: center;">
 BTC balance on exchanges dropped to 2019 levels. Source: <a href="https://studio.glassnode.com/charts/distribution.BalanceExchanges?a=BTC" rel="noopener noreferrer nofollow" target="https://studio.glassnode.com/charts/distribution.BalanceExchanges?a=BTC">Glassnode</a>
 </figcaption>
</figure>
<h2 id="exchanges-running-dry">Exchanges running dry&nbsp;</h2>
“Hearing exchanges are out of Bitcoin,” <a href="https://x.com/matthew_sigel/status/1974253514193809773" rel="noopener noreferrer nofollow" target="_blank">said</a> VanEck’s head of digital assets research, Matthew Sigel, on Saturday.&nbsp;
“Monday 9:30 am might be the first official shortage,” he said before adding, “Not financial advice… just: it might make sense to get some.”
Investor and trader Mike Alfred <a href="https://x.com/mikealfred/status/1974601333006332025" rel="noopener noreferrer nofollow" target="_blank">said</a> on Sunday morning that “I just got off a 20-minute call with THE guy who runs the most important OTC desk.”&nbsp;
<blockquote>
 “He says at the current pace, they will be completely out of Bitcoin to sell within two hours of futures opening tomorrow, unless the price goes to $126,000 to $129,000. Things getting wild.”
</blockquote>
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-price-prediction-altcoin-season-doubts-bitget-hodlers-digest/" rel="noopener noreferrer nofollow">Bitcoin may move ‘very quick’ to $150K, altseason doubts: Hodler’s Digest</a>

Bitcoin powers to $125K peak as balance on exchanges falls to six-year low

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