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About 100,000 BTC has left Binance, OKX, and Gemini since February 2026, pushing exchange reserves to their lowest levels in years. The coins have moved into private wallets, Bitcoin ETF custody, and long-term holder addresses rather than being sold on exchanges. Analysts say the shift could support higher prices if spot demand rises, though others warn the broader market may remain weak without new buyers.
Binance, OKX, and Gemini have collectively lost 100,000 Bitcoin from their reserves since February 2026. The outflows have reduced exchange reserves to their lowest levels since late 2023, according to CryptoQuant’s data.
CryptoQuant analyst Amr Taha said the situation is particularly concerning because reserves fell across multiple large exchanges at the same time.
With fewer coins available on exchanges, there is less supply positioned for trading. As described in a recent analysis, “Exchange reserves represent Bitcoin’s tradable float. The portion of supply available for buying and selling on the open market. When that number falls, it doesn’t mean Bitcoin has disappeared. It means less of it is positioned to be sold.”
In less than three months, 100,000 Bitcoin left the combined reserves of Binance, OKX, and Gemini.
Amr Taha added that a “synchronized decline across multiple exchanges carries more weight than isolated outflows from a single exchange,” and that fewer coins on trading platforms can amplify the price reaction when strong spot demand returns.
CryptoQuant’s total exchange reserve tracker shows BTC reserves across all exchanges are now nearly 2.21 million, the lowest level since early 2018.
The 100,000 Bitcoin moved into private wallets, Bitcoin ETF custody, and long-term holder addresses.
Benzinga’s analysis cited behavioral changes following the 2022 collapse of FTX, when many holders shifted coins into hardware wallets as a more secure alternative.
It also noted that some holders are taking Bitcoin off exchanges and into ETFs, where funds collect and store Bitcoin in ways designed to reduce trading activity. At the same time, miners today produce only small amounts of BTC, contributing to more coins being stored than created or left for trading.
CryptoQuant refers to one destination as “accumulator addresses,” described as wallets that keep adding Bitcoin but never sell. Data cited in the article shows the number of coins on these addresses increased by 100,000 in just two weeks, indicating long-term holders now control 78.3% of the supply.
CryptoQuant CEO Ki Young Ju compared the current setup to late 2020, saying: “The structure we’re seeing — exchange BTC reserves at multi-year lows while large wallets continue absorbing supply off OTC desks — is reminiscent of Q4 2020.” He linked similar conditions to Bitcoin rising from about $10,000 to over $60,000 during 2020 through 2021.
However, CryptoQuant’s head of research, Julio Moreno, cautioned that the market may not automatically turn bullish. He said: “Bitcoin is in a bear market that could extend through Q3 2026. Demand must grow for the market structure to change.” In his view, fewer coins on exchanges does not guarantee that new buyers will arrive.
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