Bitcoin Supply Shock: 100,000 BTC Vanish From Exchanges In Under 90 Days

Buyers on Binance shifted decisively in recent weeks. The exchange’s seven-day net taker volume swung from roughly -$1 billion in late March — a period dominated by sellers — to around $2.6 billion by early May, signaling that demand had returned with some force.

Reserves Hit Levels Not Seen Since Late 2023

That shift in buyer behavior is playing out against a backdrop of shrinking Bitcoin supply on major exchanges. Combined outflows from Binance, OKX, and Gemini have reached nearly 100,000 BTC since February — worth over $8 billion at current prices — pushing reserves to their lowest point in roughly two and a half years.

Binance recorded the steepest drop. Its holdings fell from about 670,000 BTC in late February to nearly 620,000 BTC by May 7, dipping below levels last seen in December 2023.

OKX shed close to 30,000 BTC over a similar stretch, sliding from 132,000 BTC in early March to around 102,000 BTC. Gemini followed a similar path, declining from 114,800 BTC in early February to 95,000 BTC.

Source: CryptoQuant

According to a crypto analyst, a broad drawdown across multiple platforms carries more significance than outflows from a single exchange. When Bitcoin leaves several major venues at once, it points to a wider shift in how holders are managing their coins — not just routine transfers between wallets on the same platform.

OTC Supply Tightens Alongside Exchange Withdrawals

The supply crunch isn’t limited to exchange order books. Over-the-counter desk balances — used by large buyers and institutions to move Bitcoin privately, outside of public markets — have also tightened.