The latest data show at least 400,000 fewer Bitcoin on exchanges than a year ago, signaling a positive long‑term trend as coins move into hodl wallets or institutional custody.

Overall, Bitcoin supply is flowing off exchanges into long‑term storage and regulated custody, reducing potential downside from exchange selling and pointing to a market driven by holders and institutions.

CoinGlass estimates about 2.11 million BTC remained on exchanges as of late November, with ETFs and public companies together holding over 1.5 million BTC—nearly 11% of the total supply.

Some of the shifted Bitcoin is now in ETFs and institutional holdings, with ETFs and public companies holding more BTC than exchanges combined, per sources cited by Santiment and BitcoinTresuries.Net.

Giannis Andreou of Bitmern Mining notes that this shift toward ETFs and regulated vehicles implies less liquid supply and stronger price reflexivity as institutions accumulate rather than traders sell on platforms.

Since December 7, 2024, more than 403,000 BTC have moved off exchanges, accounting for roughly 2% of the total supply.

Most outflows are ending up in individual storage wallets, easing immediate selling pressure and potentially supporting price stability around current levels near $90,000.