Bitcoin exchange reserves fall to two-year low after $8B exodus

Nearly 100,000 Bitcoin exited major exchanges as OTC balances tightened and demand from accumulator addresses increased by 60%, pointing to reduced liquid supply.

Bitcoin (BTC) reserves on major crypto exchanges have dropped to their lowest level since 2023, with nearly 100,000 BTC withdrawn from Binance, OKX and Gemini in less than three months.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. 

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.

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