The amount of Bitcoin held on crypto exchanges dropped to its lowest level in six years. Analysts attribute the trend to large-scale purchases by public companies and the beginning of a new accumulation phase.
According to Fidelity Digital Assets, the amount of Bitcoin stored on exchanges fell to 2.6 million BTC, the lowest since November 2018. Since November 2024, more than 425,000 BTC were withdrawn from trading platforms, suggesting a shift in investor focus toward long-term holding.
Fidelity notes that the decline in BTC held on exchanges is directly linked to aggressive Bitcoin acquisitions by public companies. Since last November, corporate players purchased nearly 350,000 BTC. Analysts anticipate continued growth in corporate investments and highlight that the current trend could mark the start of a new Bitcoin accumulation cycle.
CryptoQuant analysts reached similar conclusions, recording the largest BTC outflow from exchanges since February 2023. They also associate the trend with a potential new phase of accumulation, historically, such periods led to increased interest from long-term holders and institutional investors.
The behavior of market participants amid record-low BTC reserves on exchanges could serve as a catalyst for further price growth by intensifying the liquidity shortage in the spot market.
Public companies acquired nearly 95,500 BTC in Q1 2025 alone, bringing total corporate Bitcoin holdings to 688,000 BTC.
