Buyers on Binance have turned decisively in recent weeks. Exchange for seven days Net receiver size It went from nearly $1 billion in late March — a period dominated by sellers — to about $2.6 billion by early May, suggesting that demand was back with some steam.
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Reserves have reached levels not seen since late 2023
This shift in buyer behavior is occurring against the backdrop of deflation Bitcoin Display on major stock exchanges. Combined outflows from Binance, OKX, and Gemini have reached nearly 100,000 BTC since February — worth more than $8 billion at current prices — pushing reserves to their lowest level in nearly two and a half years.
Binance recorded the largest decline. Its holdings fell from around 670,000 BTC in late February to nearly 620,000 BTC by May 7, falling below levels last seen in December 2023.
OKX lost nearly 30,000 BTC over a similar period, falling from 132,000 BTC in early March to about 102,000 BTC. Gemini followed a similar path, falling from 114,800 BTC in early February to 95,000 BTC.
According to cryptocurrency analyst, A Wide draw Across multiple platforms carries more significance than outflows from a single exchange. When Bitcoin leaves several major venues at once, it signals a broader shift in how holders manage their coins — not just routine transfers between wallets on the same platform.
Tightening of OTC supply along with exchange withdrawals
The supply crisis is not limited to exchange order books. Over-the-counter desk balances — which large buyers and institutions use to move Bitcoin privately, outside public markets — have also tightened.
The 30-day OTC balance change turned negative, recording a net decrease of approximately 24,940 BTC. This is a sharp contrast to early February, when the same measure stood at approximately +25,300 BTC after the price of Bitcoin fell towards $60,000.
the Reverse It indicates that the supply of new Bitcoin flowing into OTC channels has slowed significantly since the previous sell-off.
Accumulation is booming among long-term bondholders
Long-term holders ramped up their purchases during Bitcoin’s trading session restoration About $82,800. Data from CryptoQuant shows that demand from pooled addresses rose to 264,000 BTC on May 6, up 60% from 164,440 BTC just two weeks earlier on April 23. The metric bottomed near 100,000 BTC in mid-March before rebounding.
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Aggregator titles typically represent buyers who continually add to their holdings and rarely sell them — a group that is closely watched as a measure of conviction among experienced market participants.
Featured image from Unsplash, chart from TradingView
