Buyers on Binance shifted decisively in recent weeks. The exchange’s seven-day net taker volume swung from roughly -$1 billion in late March — a period dominated by sellers — to around $2.6 billion by early May, signaling that demand had returned with some force.
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Reserves Hit Levels Not Seen Since Late 2023
That shift in buyer behavior is playing out against a backdrop of shrinking Bitcoin supply on major exchanges. Combined outflows from Binance, OKX, and Gemini have reached nearly 100,000 BTC since February — worth over $8 billion at current prices — pushing reserves to their lowest point in roughly two and a half years.
Binance recorded the steepest drop. Its holdings fell from about 670,000 BTC in late February to nearly 620,000 BTC by May 7, dipping below levels last seen in December 2023.
OKX shed close to 30,000 BTC over a similar stretch, sliding from 132,000 BTC in early March to around 102,000 BTC. Gemini followed a similar path, declining from 114,800 BTC in early February to 95,000 BTC.
According to a crypto analyst, a broad drawdown across multiple platforms carries more significance than outflows from a single exchange. When Bitcoin leaves several major venues at once, it points to a wider shift in how holders are managing their coins — not just routine transfers between wallets on the same platform.
OTC Supply Tightens Alongside Exchange Withdrawals
The supply crunch isn’t limited to exchange order books. Over-the-counter desk balances — used by large buyers and institutions to move Bitcoin privately, outside of public markets — have also tightened.
The 30-day OTC balance change turned negative, posting a net decline of roughly 24,940 BTC. That’s a sharp contrast to early February, when the same measure stood at nearly +25,300 BTC following a dip in Bitcoin’s price toward $60,000.
The reversal indicates that fresh Bitcoin supply flowing into OTC channels has slowed considerably since that earlier sell-off.
Accumulation Picks Up Among Long-Term Holders
Long-term holders stepped up their buying during Bitcoin’s recovery toward $82,800. Data from CryptoQuant shows demand from accumulator addresses climbed to 264,000 BTC on May 6, up 60% from 164,440 BTC just two weeks earlier on April 23. The metric had bottomed near 100,000 BTC in mid-March before rebounding.
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Accumulator addresses typically represent buyers who add to their holdings consistently and rarely sell — a cohort watched closely as a gauge of conviction among experienced market participants.
Featured image from Unsplash, chart from TradingView