Gemini

Bitcoin

<p><strong>Bitcoin reserves on major exchanges are shrinking again, as CryptoQuant analyst Amr Taha reported sharp declines on Binance, OKX, and Gemini since February.</strong></p><div id="cn-block-summary-block_77e6cc352e5adc15bdf89a8ca5a94092" class="cn-block-summary"><div class="cn-block-summary__nav tabs"><span class="tabs__item is-selected">Summary</span></div><div class="cn-block-summary__content"><ul class="wp-block-list"><li>Binance, OKX, and Gemini saw nearly 100,000 BTC leave reserves since February, tightening supply.</li><li>Analysts say Bitcoin must reclaim $88,880 to confirm strength and reduce overhead selling pressure.</li><li>Whale realized prices near $66,000 to $70,600 remain key support if Bitcoin weakens again.</li></ul></div></div><p>The three platforms have seen almost 100,000 BTC leave their reserves. At a Bitcoin price near $81,300, that equals more than $8 billion in removed supply. According to crypto.news data, Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) traded at about $81,339 at the time of writing, with a 24-hour range between $80,765 and $82,752.</p><p>Binance reserves <a href="https://cryptoquant.com/quicktake/69fc2cc1bca224364eeb1a14-Over-8-Billion-in-Bitcoin-Leaves-Binance-OKX-and-Gemini-as-Exchange-Reserves-Fal" rel="noopener noreferrer nofollow">fell</a> to about 620,000 BTC on May 7, down from nearly 670,000 BTC on Feb. 21. That means about 50,000 BTC left the exchange.</p><p>OKX reserves dropped from almost 132,000 BTC on March 2 to about 102,000 BTC. Gemini also fell from nearly 114,800 BTC on Feb. 4 to around 95,000 BTC.</p><p>You might also like: <a href="https://crypto.news/bittrex-asks-court-to-void-24m-sec-settlement-over-crypto-stance/" rel="noopener noreferrer nofollow"> Bittrex asks court to void $24M SEC settlement over crypto stance </a></p><h2 class="wp-block-heading" id="strong-lower-supply-meets-cautious-demand-strong"><strong>Lower supply meets cautious demand</strong></h2><p>Exchange reserves often show how much Bitcoin may be ready for trading or selling. When balances fall across major exchanges together, the market can face lower available supply.</p><p>Crypto.news recently <a href="https://crypto.news/bitcoin-rally-faces-pressure-as-whales-offload-near-75k/" rel="noopener noreferrer nofollow">reported</a> a similar supply trend. Binance reserves had already fallen as spot Bitcoin ETFs added 25,600 BTC, creating a tighter market backdrop while Bitcoin traded near $75,000.</p><p>At the same time, the market has not moved in a straight line. The report also noted that whales sent coins to exchanges during the rebound, while long-term holders added about 354,000 BTC.</p><p>This split keeps the setup mixed. Long-term wallets appear to remove supply, while some larger holders still use rallies to reduce exposure.</p><h2 class="wp-block-heading" id="analysts-watch-the-88k-ceiling">Analysts watch the $88K ceiling</h2><p>CryptoQuant analyst IT Tech <a href="https://cryptoquant.com/quicktake/69fbad4938c2383864e0f892-The-bottom-is-in-Everyones-saying-it" rel="noopener noreferrer nofollow">said</a> market calls that “<a href="https://crypto.news/bitcoin-bottom-or-bull-trap-whales-and-bears-disagree/" rel="noopener noreferrer nofollow">The bottom is in</a>” need price confirmation. He pointed to the three-month to six-month realized price near $88,880 as the first overhead supply zone.</p><p>That level marks the break-even area for newer buyers. If Bitcoin rises into that band, some holders may sell to exit flat.</p><p>The analyst also flagged higher realized price bands near $93,450 and $111,850. These levels show where older underwater cohorts could add selling pressure if BTC recovers.</p><p>Therefore, Bitcoin may need to reclaim and hold $88,880 before analysts treat the bottom claim as stronger data. A quick move above the level may not be enough if sellers regain control.</p><h2 class="wp-block-heading" id="strong-whale-support-remains-in-focus-strong"><strong>Whale support remains in focus</strong></h2><p>CryptoQuant analyst CryptoOnchain <a href="https://cryptoquant.com/quicktake/69fc38c374e3a32a7dd4c0b4-Whale-Realized-Prices-Acted-as-Key-Support-Did-the-Market-Find-Its-Bottom" rel="noopener noreferrer nofollow">said</a> whale realized prices between $66,000 and $70,600 have acted as a support zone. These levels track whales active in the past 1 to 30 days.</p><p>The recent rebound from that area suggests large holders defended their break-even range. If Bitcoin stays above it, the market may keep a local bottom structure.</p><p>As Crypto.news <a href="https://crypto.news/bitcoin-btc-price-holds-70k-as-analysts-spot-cycle-reset-signs/" rel="noopener noreferrer nofollow">reported</a>, Bitcoin held above $70,000 in March as analysts pointed to cycle reset signs and steady Binance outflows. One CryptoQuant reading showed about $55 million in BTC leaving Binance daily on average.</p><p>Read more: <a href="https://crypto.news/bittrex-asks-court-to-void-24m-sec-settlement-over-crypto-stance/" rel="noopener noreferrer nofollow"> BNY brings $59T custody power to Abu Dhabi crypto push </a></p>

Bitcoin reserves hit 2023 lows but is the bottom confirmed?

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