Bitcoin’s available supply on centralized exchanges has fallen to its lowest level since 2023, according to data from CryptoQuant. As of Saturday, October 3, exchanges held approximately 2.68 million BTC after traders accelerated withdrawals during a sharp price recovery that took Bitcoin back to around $87,000.
The decline in exchange reserves is often interpreted as a sign of accumulation or long-term holding. However, analysts caution that the current outflows may not offer a purely bullish signal, since large withdrawals from major venues such as Binance could be driven by other factors, including custodial shifts or internal wallet management.
Bitcoin exchange reserves have been trending lower across multiple market cycles. The last notable peak occurred in early 2024 at roughly 3.2 million BTC, when Bitcoin traded below $70,000. Reserves continued to fall through the 2024 rally to $73,000, the 2025 bull run toward $126,000, and the subsequent 2026 pullback. The current retracement to 2023 levels suggests the decline is not tied to a single price event, but rather reflects persistent supply tightening.
