Bitcoin Supply on Exchanges Drops Below 2.5M BTC as Whales Sell $54B and Institutions Buy 900K BTC

Bitcoin supply on exchanges has reached a new all-time low, dropping below 2.5 million BTC and hitting levels not seen in six years. This decline reflects a growing trend of self-custody and long-term holding among investors, with long-term holders accumulating Bitcoin at a record pace of 800,000 BTC per month. Addresses holding between 100 and 1,000 BTC have increased their reserves from 61,000 in March to 65,000 in late June, the highest since November 2024. Meanwhile, Bitcoin miners from the 'Satoshi era' have drastically reduced their sales, offloading only 150 BTC in 2025 compared to nearly 10,000 BTC in 2024, and are adding approximately 4,000 BTC to their reserves amid recent price highs.

Early Bitcoin whales have sold over 500,000 BTC worth around $54 billion in the past year, while institutional investors—including ETFs, corporate treasuries, and asset managers—have absorbed nearly 900,000 BTC, signaling a shift in market control toward traditional financial players. The percentage of Bitcoin supply held on exchanges has fallen to 14.5%, a near seven-year low. Over the past eight months, approximately 650,000 BTC have left exchanges. These developments point to a tightening supply and increased market conviction, setting the stage for a potential supply squeeze in the Bitcoin market.