Bitcoin Supply on Exchanges Drops by 403K as Institutional Accumulation Grows

The quantity of Bitcoin (BTC) has decreased on exchanges compared to the same time last year. According to the market intelligence platform Santiment, there are at least 403,000 fewer BTC on exchanges, which is a positive sign for the market. Since December 7, 2024, over 403,000 Bitcoins have moved off exchanges. As per data taken from Santiment’s sanbase dashboard, this number represents approximately 2% of the total supply.

Users move their Bitcoin out of the exchanges into cold storage wallets, making it harder to sell. This could signal a long-term plan to hold on to BTC. Santiment stated, “In general, this is a positive long-term sign. The less coins exist on exchanges, the less likely we’ve historically seen a major sell-off that causes downside pressure for an asset’s price. As Bitcoin's market value hovers around $90K, crypto’s top market cap continues to see its supply moving away from exchanges.”

Bitcoin Shifted into ETFs

Industry analysts believe that a significant portion of the BTC is being absorbed by exchange-traded funds (ETFs) and publicly traded companies, a trend that has been picking up pace throughout the year. Giannis Andreou, the founder and CEO of Bitmern Mining, highlighted data from BitcoinTreasuries.net showing that ETFs and public companies collectively now hold more Bitcoin than all exchanges combined.

He said, “Institutional ownership has quietly crossed into a new phase: less liquid supply, more long-term holders, stronger price reflexivity, a market driven by regulated vehicles, not trading platforms.”

He described the ongoing shift as a key evolution in Bitcoin’s market structure. He said, “This shift is bigger than people think. Bitcoin isn’t moving to exchanges anymore. It’s moving off them straight into institutions that don’t sell easily. The supply squeeze is building in real time.”

Additional data from CoinGlass shows the same trend with bitcoin held on exchanges sitting at around 2.11 million as of November 22, 2025. That was when Bitcoin went through a correction and was traded for around $84,600. BitBo estimates that ETFs now hold more than 1.5 million BTC while public companies control over one million. Together, they represent nearly 11% of the total supply combined.