Bitcoin miners send coins to exchanges; OTC reserves stay around 152K BTC

Miners keep routing Bitcoin (BTC) to exchanges while OTC reserves sit near lows. Supply is tighter, not a shock, per Axel Adler Jr.

Two gauges drive the view. The 30DMA of miner inflows to exchanges. And miner-linked OTC balances. Both come from Adler’s latest brief. Source

He calls it a mixed signal. “The hidden OTC overhang is limited... but tactical pressure in the market channel has not yet been removed.” Adler Also see context on OTC flows. NewsBTC

Exchange inflows stayed elevated. Adler notes the 30DMA rose after Halving #4 and picked up from autumn 2025. By 2026 it remained high. Fresh supply keeps hitting order books. Source Halving backdrop here. NewsBTC

There was a recent pullback. But he doesn’t see a break in trend. “Not a confirmed downward reversal... a pause within a still‑elevated exchange inflow regime.” A sustained 30DMA drop is needed. Adler

OTC reserves look compressed. Miner OTC balances sit near ~152.6K BTC. Down from ~595K BTC at the 2018 peak. Only slightly above ~146.9K BTC seen in July 2025. Source

But not empty. “Claiming the buffer is almost exhausted would be an overstatement... more than 150K BTC is still significant.” He also notes a February uptick and a narrow range lately. Adler

Bottom line for supply. Tighter than past cycles. Not outright scarcity. Less OTC overhang, yet exchange selling still in play. Source