ETFs and corporate treasuries drain exchanges, Bitcoin reserves hit 2019 lows
Bitcoin stays below $70,000. Exchange-held supply falls to 2019 levels as institutions lock coins.
Total BTC on exchanges is ~2.7M, last seen in 2019 (CryptoQuant). The drop began in 2022 and sped up after FTX.
In November 2022, users pulled 325,000 BTC from exchanges (CryptoQuant). Self-custody demand jumped.
Among retail-heavy venues, Binance holds ~20% of exchange BTC (CryptoQuant). Including institutional platforms, Coinbase Advanced holds ~800,000 BTC, about 200,000 less than July 2025 (CryptoQuant).
Spot ETFs launched in January 2024, when reserves were >3.2M BTC (CryptoQuant). They now hold ~1.3M BTC, ~6.7% of supply (CryptoQuant). Cold storage limits active float.
Corporate treasuries add ~1.1M BTC, ~5% of supply (CryptoQuant). Institutional embedding tightens liquidity.
Price action stalls. Bitcoin trades near $67,500. The range is $64,000–$72,000. The 200-period MA slopes down. Bulls need a $70,000–$72,000 reclaim to improve structure. Source: provided TradingView chart.
Headline: Exchange BTC falls to 2019 lows; ETFs and treasuries hold ~2.4M BTC; price consolidates under $70K
