The exchange’s Bitcoin reserve has fallen to its lowest level since November 2018, with a significant decline since November 2024. This reduction totals over 425,000 BTC, which is largely due to public companies that acquire digital assets.
According to Fidelity Digital Assets, the current supply of Bitcoin on the exchange is around 2.6 million BTC, marking its lowest level in over six years. The publicly available company is responsible for purchasing around 350,000 BTC, a trend that is expected to continue growing in the near future.
One of the major drivers behind these acquisitions is Strategy, a company co-founded by Michael Saylor. Since November 2024, the strategy has accumulated 285,980 BTC, making up the majority of all Bitcoin purchased by public companies. The latest purchase per strategy, 6,556 BTC, was disclosed in April 2025. Furthermore, companies outside the US have adopted similar strategies. Metaplanet, a Japanese company, owns 5,000 BTC and is aiming to double that number this year. In Hong Kong, HK Asia Holdings has announced plans to raise $8.35 million to increase Bitcoin reserves.
The removal of Bitcoin from the exchange had a significant impact on the market. Between April 19th and 23rd, 15,000 BTC left the exchange, coinciding with Bitcoin price exceeding $93,000. This followed a previous period when Bitcoin spills into exchanges spill at 15,000 BTC. These moves suggest that investors may be moving away from the exchange for long-term storage, rather than selling or trading Bitcoin. This pattern of accumulating exchanges is often seen as a sign of long-term investment.
Despite increasing demand from institutional investors, overall market liquidity remains low. Bitcoin demand has dropped by 146,000 BTC over the past 30 days, less than the 311,000 BTC decline seen in March 2024. Additionally, momentum from new buyers has slowed down, slowing last month with a drop of 642,000 BTC. The Spot Bitcoin ETF saw minimal activity in 2025 and achieved a net runoff of 10,000 BTC in 2025 compared to net purchases of 208,000 BTC.
The decline in Bitcoin on exchanges has contributed to changing market dynamics, making retail players smaller. The Exchangehale ratio, a measure of the advantage of large traders, fell below 0.3 in April 2025, indicating that retail investors have had more impact on the market. Despite this, Bitcoin prices remain unstable, and while abrupt changes in market conditions could push Bitcoin over $98,000, sustained growth requires a strong demand signal.