Bitcoin Exchange Reserves Plunge to 2019 Levels, ETFs and Corporate Treasuries Emerge as Major Holders

In recent years, Bitcoin reserves on centralized exchanges have been steadily declining, now falling back to their lowest levels since 2019. According to data provided by crypto market analyst Dark Fost, the number of Bitcoins held by exchanges has been on a steady downward trend since 2022, a trend that accelerated significantly after the collapse of FTX exchange. In November 2022 alone, over 325,000 BTC were withdrawn from exchanges, as investors moved assets to more self-custodial methods.

Currently, total Bitcoin reserves on exchanges catering to retail investors have fallen to approximately 2.7 million BTC. Binance still accounts for about 20% of this, making it the largest single custodian. Including platforms catering to professional institutions, Coinbase Advanced leads with nearly 800,000 BTC, although this figure is still about 200,000 BTC lower than its peak in July 2025.

Another key force is digital asset treasury companies (DATs), which hold Bitcoin as a strategic reserve asset for the long term. Currently, these companies collectively hold approximately 1.1 million BTC, accounting for nearly 5% of the total Bitcoin supply. At the same time, Bitcoin spot ETF holdings are also steadily increasing. Together, these two constitute a significant shift in the Bitcoin liquidity structure – more and more Bitcoin is moving from trading circulation to long-term value storage scenarios. Industry analysis indicates that while this structural shift will not immediately change market prices, it will profoundly affect Bitcoin's liquidity distribution and price formation mechanism in the long run. As institutions and companies gradually become major holders, the market's sensitivity to short-term selling pressure may decrease, and Bitcoin's asset properties are increasingly strengthened.