New data released by Binance Research shows that more than 500,000 Bitcoin have permanently left cryptocurrency exchanges, signaling continued long-term accumulation by investors.
According to the report, Bitcoin balances on exchanges have declined from 17.6% of total circulating supply during the COVID-era peak to just 15.0% today — the lowest level recorded in six years.
The shrinking exchange supply is widely viewed as a bullish market indicator, as it suggests lower immediate selling pressure and growing investor preference for long-term Bitcoin holding strategies.
The massive outflows have also sparked speculation across the crypto community regarding where the Bitcoin has moved, with many analysts pointing toward cold wallets and institutional investment vehicles.