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Crypto exchanges have been withdrawing bitcoins at a pace rarely seen in the past two years. In less than three months, nearly 100,000 BTC have left Binance, OKX and Gemini, representing more than $8 billion in value at current market prices. At the same time, long-term investors have increased accumulation, while over-the-counter (OTC) balances have contracted—factors that are starting to raise concerns about a potential supply shock if spot demand returns strongly.
Bitcoin reserves held by major centralized platforms have fallen sharply. CryptoQuant data shows that nearly 100,000 BTC were withdrawn from Binance, OKX and Gemini in under three months, totaling more than $8 billion at prevailing market prices.
Binance accounted for the largest decline. Reserves fell from about 670,000 BTC on February 21 to nearly 620,000 BTC on May 7. OKX holdings dropped from 132,000 BTC in early March to about 102,000 BTC. Gemini decreased from 114,800 BTC in early February to roughly 95,000 BTC.
Analyst Amr Taha said that a synchronized drop across multiple platforms carries more weight than isolated withdrawals on a single exchange.
The exchange outflows coincide with rapidly contracting OTC reserves. CryptoQuant data shows a 30-day OTC variation of -24,940 BTC. The same indicator had been +25,300 BTC on February 8, after bitcoin’s move toward the $60,000 area.
While exchange reserves decline, accumulation addresses have increased their bitcoin purchases. CryptoQuant data indicates these addresses held 264,000 BTC on May 6, compared with 164,440 BTC on April 23. The level had fallen close to 100,000 BTC in mid-March after exceeding 205,000 BTC in early February.
This pattern suggests a renewed accumulation phase by long-term investors during bitcoin’s rise toward $82,800.
Derivatives activity also points to a change in trader sentiment. On Binance, net taker volume over seven days moved from about -$1 billion at the end of March—signaling seller dominance—to +$2.63 billion on Thursday, indicating a return of aggressive buyers.
The analyst framework presented in the article suggests this shift reflects more than just reduced supply on trading platforms; it also signals growing confidence among market participants in bitcoin’s ability to sustain its current direction.
According to Amr Taha, the scarcity of available supply could intensify market reactions when spot demand returns. He noted that “fewer coins available on trading platforms can amplify price reactions when spot demand returns strongly.”
With large exchange withdrawals, OTC reserve declines, and renewed accumulation occurring together, the article says the coming weeks may be shaped by whether buyers can maintain pressure as liquid, available BTC continues to contract. If institutional demand keeps increasing while supply remains constrained, bitcoin could trade in an environment with tighter liquidity.
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