Bitcoin price hits new ATH near $114k but holders keep BTC off exchanges

• Bitcoin price hit a record $113,923, driving altcoins higher.
• Despite the new BTC peak, exchange reserves continue to plummet.
• Investors’ reluctance to sell, despite the price spike, signals strong belief in Bitcoin’s future performance.

Bitcoin (BTC) surged to a new all-time high of $113,923, pushing the broader cryptocurrency market into fresh bullish momentum .

Yet, as BTC looks to rally further, analysts are saying the market is in no rush to cash in on the windfall, with holders choosing to keep their coins off exchanges to continue a trend seen over the past several months.

Notably, Bitcoin has rallied more than 98% in the past year and over 13% since its recent lows in June.

Bitcoin price chart on CoinMarketCap

However, while most coins have hit profit-taking turbulence, Bitcoin holders have shown a remarkable reluctance to move their coins back to exchanges, signaling a shift toward long-term storage and self-custody. Also bullish for BTC that could eye the $120k level next.

BTC on exchange drops despite Bitcoin spike to new ATH

Despite Bitcoin’s dramatic climb to its latest all-time high, which it set at $113,923 on Thursday, July 10, 2025, data from shows on exchange balances continue to slip.

Santiment reveals a significant decline in the amount of BTC held on exchanges, noting that over the past four months, a net drop of 315,830 Bitcoin has left exchanges.

This equates to a 21% reduction in net exchange balances, with the trend extending months back.

Indeed, exchange reserves for BTC are at lows last seen years ago.

A staggering 1.88 million BTC has moved away from exchanges since July 2020, indicating a 61% drop.

“Overall, the trend of coins staying off exchanges is a sign that the threat of sudden market plummets is more limited, and long-term investors are increasingly content to keep their coins safe in personal storage for the long run,” the platform posted on X.

This reduction suggests a potential supply shock, as less BTC availability on exchanges could limit sudden market dips, while helping prices edge higher.

Bitcoin exchange balances vs. price chart. Source: Santiment

Bitcoin holders not in a rush to sell

Santiment analysts’ bullish take aligns with insights from CryptoQuant, which noted on X that Bitcoin exchange reserves are at a seven-year low.

The values have dropped below 15% of the total supply for the first time since 2018. Like Santiment, CryptoQuant analysts see the scarcity as a bullish signal.

“Bitcoin hit an all-time high, but selling pressure is nowhere to be seen,” the platform wrote. “Exchange inflows dropped to just 18K BTC/day, the lowest since 2015…That’s a 78% decline from the $100K breakout in November. Holders aren’t rushing to sell.”

As the analysts explain, the reluctance to return BTC to exchanges reflects a bullish trend and a growing preference for personal storage.

This behavior is particularly pronounced among long-term holders, who appear content to hold their assets offline.