The amount of Bitcoin held on major trading platforms like Binance, Bitget, and Coinbase has fallen sharply following the cryptocurrency’s record-breaking all-time high just a day earlier. Data from on-chain analytics platform Glassnode shows that the total BTC on exchange addresses now sits at just over 2.8 million.
The last time exchange supplies dropped to this level was in June 2019, when Bitcoin was valued at around $8,745. Six years later, BTC has surged multiple times in value, recently hitting a new high of $125,506. This milestone could fuel increased demand from investors seeking to acquire the asset.
The decline in exchange-held Bitcoin also hints at a shift in ownership patterns, with more holders moving their funds off centralized platforms into self-custody solutions, such as cold wallets or private storage addresses.
Bitcoin is increasingly attracting institutional investors, who are keen to add the cryptocurrency to corporate treasuries. Following the blueprint popularized by Michael Saylor, more companies are now stockpiling BTC.
Data from Bitcoin Treasuries shows that over the past 30 days, 25 new entities have joined the BTC cohort, bringing the total number of institutions holding Bitcoin to 344. The majority are based in the United States, with 122 entities—outnumbering those in Canada, the U.K., Japan, and Hong Kong combined.
Currently, corporate treasuries hold 3.88 million BTC, exceeding the amount stored on exchanges by over 1 million coins.
The decline in Bitcoin supply on exchanges reflects growing investor demand, coinciding with the asset reaching a fresh all-time high. With only 2.8 million BTC available on trading platforms, the market now has less sellable supply. This scarcity could potentially drive prices higher as demand increases.
According to TradingView, Bitcoin is trading around $123,610, just below its recent peak of $125,506. Since late September, BTC has maintained a strong upward trajectory, consistently staying above its 30-day moving average.
The ongoing bullish momentum underscores the strength of the breakout that propelled Bitcoin to new highs. The price remains near its 30-day moving average at $123,636, indicating that buyers continue to defend key support levels despite some profit-taking.
Meanwhile, the Relative Strength Index (RSI) is hovering around 53, signaling a consolidation phase following the recent rally. This mid-range RSI points to neutral market conditions—neither overbought nor oversold—suggesting Bitcoin may be stabilizing before its next major move. If bullish momentum returns, the market could be setting up for another upward leg, though short-term corrections remain possible.
As long as Bitcoin holds above the $122,000–$123,000 zone, the potential for a retest of $125,000 and further upside remains strong. However, a decisive drop below the moving average could open the door to a pullback toward $120,000, an area that previously acted as a consolidation zone.
