Main takeout:
Bitcoin’s exchanges have been reduced to less than 11% for the first time since 2018.
Adoption of institutions accelerate the withdrawal of BTC in public exchange.
Trust in the centralized platform is shaking after FFTX.
According to GlassNode data, the supply of Bitcoin (BTC) on the exchange has fallen to the lowest level of nearly seven years and has fallen to less than 11% for the first time since March 2018.
Peaks were caused by more than 17.2% of the BTC supply in March 2020. Since then, more than 6% of the total supply or about 1.26 million BTC has withdrawn from the Exchange wallet.
Let’s look at the main reasons for the increase in withdrawal from Bitcoin’s encryption exchange.
Bitcoin’s HODLING goes up to two years high
Bitcoin investors have maintained coins at the highest level for two years, according to the network activity chart in the latest exchange flow of Cryptoquant.
Compared to the onChain network activities, the rate of measuring the amount of BTCs flowing into exchange has fallen to the lowest reading value since early 2023 and signaled the conquest deposit despite the price increase.
As of early June 2025, the 30 -day moving average of the ratio is close to 1.2, much lower than the 365 -day average and approaches the -1 standard deviation.
Historically, this low level has been a strong conviction among long -term bitcoin holders, and investors prefer to prefer refrigerated storage.
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As a result, even if Bitcoin is close to a record high, the coin is smaller, reducing the available supply.
Institutional manager who replaces encryption exchange
The increase in institutional custody solutions is another major factor in reducing supply throughout Bitcoin’s exchange.
Instead of public exchange, large -scale financial institutions such as BLACKROCK, Fidelity and Franklin Templeton prefer third -party custody platforms.
For example, Coinbase Prime reported assets detained by more than $ 212 billion assets in the first quarter of 2025 by the influx of ETF publishers, companies and individuals.
On the other hand, coinbase encryption exchange has witnessed more than $ 500 million in the same quarter.
This leak continued in the second quarter, including 765 million withdrawals witnessed on June 5.
The ETF brought much of Bitcoin to the safe.
The net assets of assets managed over SPOT BITCOIN ETFS were $ 450 billion as of June 5, up from about $ 1 billion in January last year.
According to the 2025 survey of Coinbase and EY-Partenon, 83% of institutional investors plan to increase their encryption exposure, and they plan to increase their encryption exposure by allocating more than 5% of AUM to digital assets.
Standard char
Trust in exchange is reduced after the collapse after -FTX
After the collapse of the FTX in late 2022, Bitcoin experienced a dramatic change in the exchange flow, as shown in the GlassNode chart.
The net transport volume (Red Bars) shows the leak from early 2023 to mid -2023 and indicates one of the largest withdrawal periods in Bitcoin history.
From November 2022 to May 2023, the weekly leak was repeatedly exceeded 10,000 BTC, withdrawal of 200,000 BTC from the total central response exchange.
This suggests that after the collapse of the FTX, the trust in the encryption exchange decreases, accelerating the withdrawal of Bitcoin to an alternative platform for self -use and transactions.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.