Long-term holders now control roughly 14.5 million BTC — coins that have not moved in over five months and show little sign of heading back to market anytime soon.
Coins Keep Moving Off Platforms
That deep freeze in holder behavior is part of a larger pattern reshaping how Bitcoin is stored and traded.
Exchange reserves across all centralized platforms have dropped to approximately 2.75 million BTC as of March 12, according to data from CryptoQuant.
That marks the lowest level recorded since 2019 and represents a loss of nearly half a million coins from exchange wallets over roughly two years.
The pullback has been driven by three main forces: retail and institutional holders moving coins into private cold storage, spot Bitcoin ETFs steadily absorbing supply since their US launch in late 2023, and publicly traded companies building large treasury positions.
On a single day in recent weeks, withdrawals from exchanges hit 32,000 BTC. Net flows turned negative and stayed th
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