Binance, OKX and Gemini Move 100,000 BTC as Reserves Fall

Binance, OKX and Gemini removed roughly 100,000 Bitcoin from their exchange reserves between February and May, transferring coins to private wallets, hardware custody and spot ETF accounts. The withdrawals reduced the amount of Bitcoin available for trading and left total exchange reserves near 2.21 million BTC, the lowest level since late 2023.

Exchange-level data from CryptoQuant shows most of the outflows came from Binance, which recorded about 50,000 BTC leaving its reserves between Feb. 21 and May 7, leaving the exchange with about 620,000 BTC on its books. OKX saw roughly 30,000 BTC withdrawn in a short window from March 2 to March 7, a fall from about 132,000 BTC to 102,000 BTC. Gemini’s reserves declined by about 19,800 BTC between early February and May, leaving the platform with close to 95,000 BTC.

CryptoQuant classifies exchange reserves as Bitcoin’s tradable float, meaning the portion of supply readily available for buying and selling on exchanges. The firm’s data shows the recent declines do not mean coins have disappeared but that fewer are positioned to be sold on trading venues.

Analysts and on-chain trackers attribute the withdrawals to three main destinations: self-custody private wallets, custody within spot Bitcoin ETFs and so-called accumulator addresses — wallets that keep adding Bitcoin without signs of selling. Data indicates that coins held in accumulator addresses rose by about 100,000 BTC in a two-week span, and long-term holder addresses now control roughly 78.3% of the total Bitcoin supply.

A shift toward hardware wallets and other forms of self-custody after the 2022 FTX collapse contributed to coins moving off exchanges, crypto market participants say. At the same time, spot ETF inflows are collecting Bitcoin under fund custody, which removes that supply from the spot trading pool. Miners’ current output is smaller than the volume being placed into long-term storage and funds, widening the gap between newly created coins and coins being removed from circulation.

Amr Taha, an analyst at CryptoQuant, described the coordinated withdrawals as carrying greater weight than isolated outflows, adding that fewer coins on trading platforms can amplify price reactions when spot demand returns. Ki Young Ju, the firm’s CEO, compared the current structure — low exchange reserves alongside heavy accumulation by large wallets — to patterns observed in late 2020.

Julio Moreno, head of research at CryptoQuant, offered a more cautious view, warning that market demand must increase before the market structure will change and suggesting the current conditions could persist through a prolonged period of low demand.

The recent withdrawals concentrated roughly 100,000 BTC from the three exchanges in under three months and narrowed the tradable float available to traders. Market participants will monitor ETF flows, on-chain accumulation and buyer demand to assess how the reduced exchange supply affects liquidity and price behavior going forward.