Bitcoin (BTC) reserves on major crypto exchanges have dropped to their lowest level since 2023, with nearly 100,000 BTC withdrawn from Binance, OKX and Gemini in less than three months.
The outflows coincided with stronger demand from accumulator addresses, as the cohorts’ holdings have increased by 60.5% over the past two weeks.
Bitcoin exchange reserves fall to two-year low
Crypto analyst Amr Taha noted that Bitcoin reserves on Binance, OKX and Gemini have declined sharply since February. Binance recorded the largest drawdown, with reserves dropping to nearly 620,000 BTC on May 7, down from roughly 670,000 BTC on Feb. 21. The decline pushed Binance’s holdings below levels last seen in December 2023.
OKX followed the same trend. Its Bitcoin reserve fell to around 102,000 BTC this week, from nearly 132,000 BTC on March 2. Gemini also posted steady outflows, sliding to 95,000 BTC from 114,800 BTC in early February.
BTC multi-exchange reserves. Source: CryptoQuant
Combined, the three exchanges recorded an outflow of nearly 100,000 BTC, valued at over $8 billion at current prices.
Taha noted that a synchronized decline across multiple exchanges carries more weight than isolated outflows from a single exchange. Fewer coins on trading platforms can amplify the price reaction when strong spot demand returns.
The move coincides with a shrinking OTC balance. Lower OTC balances can reduce the amount of Bitcoin available for large private transactions outside exchanges.
The latest 30-day OTC balance change showed a net decline of 24,940 BTC, while the same metric had risen to nearly 25,300 BTC on Feb. 8 after Bitcoin’s drop toward $60,000. The reversal shows that OTC supply inflows have slowed significantly since the February sell-off.
Bitcoin total OTC desk balance. Source: CryptoQuant
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“Accumulator” demand rises as Binance buyers turn positive
Long-term participants increased their Bitcoin accumulation during the latest recovery phase. CryptoQuant data shows demand from accumulator addresses climbed to 264,000 BTC on May 6, up from 164,440 BTC on April 23. The same metric fell to nearly 100,000 BTC on March 15, after peaking above 205,000 BTC on Feb. 5.
Bitcoin demand from accumulator addresses. Source: CryptoQuant
The increase in accumulation coincided with Bitcoin’s recovery toward $82,800, indicating stronger buying activity by long-term holders during the recent price advance.
Derivatives activity also strengthened during the recent rally. Binance’s seven-day net taker volume moved from approximately -$1 billion (seller-dominated) in late March to +$2.63 billion (buyer-dominated) on Thursday.
Binance’s seven-day net taker volume for BTC. Source: CryptoQuant
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