- Bitcoin reserves on centralized exchanges have fallen by more than 360,000 BTC since January 2025.
- The decline in exchange-held Bitcoin coincides when prices surge above $118,000.
- Institutional investors and public companies are accumulating Bitcoin at record rates.
Investors are steadily withdrawing their Bitcoin holdings from centralized exchanges, with reserves dropping by more than 360,000 BTC since January 2025. The current balance sits at approximately 2.4 million BTC, according to new data from CryptoQuant.
This trend, which picked up momentum after the price of Bitcoin crossed $96,900 earlier this year, signals a major shift in investor behavior toward self-custody and long-term holding.
Retail Participation on Exchanges Declines?
The decline in Bitcoin held on centralized exchanges (CEXs) reflects a notable shift in investor behavior over the first half of 2025. Based on analysis by on-chain researcher @ai_9684xtpa, the reduction in reserves amounts to over 360,000 BTC. At current values, this is roughly worth $42.8 billion.
Related: Corporate Bitcoin Holdings Surge to $85 Billion: What’s Fueling the Growth?
The drop has occurred alongside Bitcoin’s price increase, which hit $96,900 on January 2, 2025. This simultaneous price rise and reserve fall marks an inverse correlation.
In particular, investors moving assets off exchanges often imply storage for long-term or use in decentralized finance (DeFi) platforms. As of this press time, Bitcoin is now trading at a new all-time high of 118,255, a 6.4% rise in the past day.
Chart Data Confirms Ongoing Trend
Visual data from CryptoQuant confirms that exchange reserves have steadily declined since late 2024. From around 3,4 million BTC in 2023, the figure has now reached multi-year lows. This long-term downward trend suggests that more users are prioritizing self-custody over centralized storage solutions.
The chart also shows that while reserves dropped, Bitcoin’s price continued climbing. This divergence supports the theory that reduced on-exchange supply could be contributing to bullish price momentum.
OKX Bucks the Trend with Net Inflows
Despite the broader withdrawal trend, OKX, one of the top five exchanges by BTC volume, reported a net inflow of Bitcoin in the past 24 hours. This sets it apart from other major exchanges, which continue to see BTC outflows.
The inflow may be linked to the launch of OKX’s BTC Yield+ product. Designed to preserve capital while offering interest returns, the product allows flexible deposits and withdrawals, which may appeal to users looking for a balance between earning and accessibility.
Institutional Bitcoin Holdings Surge Past 850,000 BTC
Notably, the decline of BTC on exchanges coincides with surging institutional interest in Bitcoin. Asset managers leveraging spot Bitcoin ETFs and public companies are accumulating BTC at an unprecedented rate.
According to data shared by Kyle Chase on X, the number of public firms holding Bitcoin rose from 64 in 2024 to 151 by mid-2025. These companies now collectively hold over 850,000 BTC, worth over $85 billion. Strategy (formerly MicroStrategy) is leading the pack at 580,995 BTC. Marathon Digital, Block Inc., Tesla, and GameStop are among other notable corporate holders.
This trend highlights the role of Bitcoin as a long-term treasury asset among firms seeking strategic exposure amid inflation and fiat uncertainty.
Related: Binance Users Shed $223 Million in Tether and Bitcoin Holdings to Buy More Ethereum
Meanwhile, institutional exposure through U.S.-listed spot Bitcoin ETFs also surged following regulatory approvals in January 2024. By mid-2025, ETFs collectively hold approximately 1.43 million BTC, roughly 6.84% of Bitcoin’s total supply. BlackRock’s iShares Bitcoin Trust (IBIT) dominates the ETF space, holding over 702,055 BTC.
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