Bitcoin Supply on Exchanges Drops Sharply as Price Nears All-Time High

New data from Glassnode reveals a significant decline in Bitcoin balances held on centralized exchanges, signaling a shift in market behavior.

Bitcoin (BTC) balances on centralized exchanges have declined sharply in recent months, according to data from Glassnode.

As of May 13, 2025, the total Bitcoin on exchanges has dropped to just over 3.01 million. This compares to nearly 3.11 million in late March.

Over the past two-plus months, exchange balances have decreased by nearly 100,000 BTC. This period has also seen a steep rally in price, with Bitcoin rising from the $86,000 levels to over $104,000 at the time of writing.

As exchange balances decrease, it may indicate that investors are becoming less interested in selling their coins.

Declining exchange balances are often associated with accumulation phases, as investors move their holdings to cold storage in anticipation of higher prices. Conversely, rising exchange balances may suggest a shift towards selling pressure and a broader bearish outlook.

With Bitcoin approaching its all-time highs and exchange balances at their lowest levels in months, this trend may reinforce the broader bullish outlook currently forming across the crypto market.output: Bitcoin (BTC) balances on centralized exchanges have dropped sharply in recent months, new data from Glassnode reveals.

Since late March, the total BTC held on exchanges has decreased significantly. At the time, exchange balances were around 3.11 million. But as of May 13, 2025, this figure has dropped to just over 3.01 million.

Over the past two-plus months, exchange balances have decreased by nearly 100,000 BTC. This period has also seen a steep rally in price, with Bitcoin rising from the $86,000 levels to over $104,000.

As exchange balances decrease, it may indicate that investors are becoming less interested in selling their coins.

Declining exchange balances are often associated with accumulation phases, as investors move their holdings to cold storage in anticipation of higher prices. Conversely, rising exchange balances may suggest a shift towards selling pressure and a broader bearish outlook.

With Bitcoin approaching its all-time highs and exchange balances at their lowest levels in months, this trend may reinforce the broader bullish outlook currently forming across the crypto market.