BTC exchange balances continue collapsing and are at the lowest level in 6 years

BTC balances across centralized exchanges dropped below 2.7 million by April 25, 2025 and since then it’s been a straight up decline, hitting around 2.1 million BTC by June. That’s just about 10% of Bitcoin’s total supply sitting on exchanges right now. The lowest levels we’ve seen since 2018-2019. For context, there were over 3 million BTC on exchanges just two years ago

And the timing with price action says it all. Bitcoin ripped from under $40K to over $100K as exchange reserves kept draining. When liquid supply gets squeezed this hard and institutional demand stays steady, basic economics kicks in

But here’s what really makes this cycle different. It’s not retail chasing pumps or panic-selling. The BTC isn’t coming back. It’s being systematically pulled into corporate treasuries, ETFs and long-term institutional cold storage. That’s sticky supply

I was tracking my own holdings with awaken.tax and even small holders are moving coins off exchanges. Everyone’s going cold storage now… institutional playbook tricking down to retail..

Post-halving, only 450 BTC are mined daily. Meanwhile institutional buyers (the Saylor types) are scooping up way more than that. When demand eats up multiple times the new supply and the available float keeps shrinking, somethings gotta give

This could be the first time in Bitcoin’s history where the biggest constraint isn’t demand, it’s liquid supply. The supply shock everyone used to talk about as a theory? It’s happening right now in real time

What do you guys think about this