Yeliz Akmaca 
The number of Bitcoins on exchanges has fallen below 2.9 million for the first time since 2019. This development indicates that investors continue to adopt a long-term holding strategy.
On-chain analytics platform Glassnode revealed that 150,000 BTC have been moved from exchanges to cold wallets. This suggests that investors are not planning to sell and are preparing for a potential supply shock in the future. Meanwhile, bull investors view this outlook positively. Historically, BTC has moved upward during similar periods. For example, after 2019, BTC gained 233% in value.
Whale Insider stated on the X platform, “Bitcoin exchange balances continue to fall and are currently at a six-year low.”
JUST IN: Bitcoin exchange balances keep plunging, now at their lowest point in 6 years. pic.twitter.com/spgG7EpyMg
— Whale Insider (@WhaleInsider) June 29, 2025
ETF and Corporate Treasury Demand Increasing
The April–July period has been intense for institutional investors. Treasury companies purchased 5,898 BTC just last week. Over this period, more than 100,000 BTC were accumulated.
Meanwhile, firms led by Michael Saylor’s MicroStrategy, ProCap Financial, and GameStop spearheaded these acquisitions. Thus, BTCs were transferred to secure wallets outside exchanges. Interest in Bitcoin ETFs is also increasing. S&P Global reported overwhelming demand in the ETF market. Currently, more than 800,000 BTC are held in ETF custody wallets.
This situation reduces the available Bitcoin on exchanges, increasing scarcity in the market. Investors interpret this as a signal of a potential price surge.
Supply Shock Expectations Rising
Typically, when exchange balances drop, investors tend to hold BTC rather than sell. This limits market supply and may trigger a supply shock. The decline in BTC exchange balances could indicate a potential price increase. However, some analysts do not rule out short-term volatility.
Despite the exchange decline, Robert Kiyosaki predicted a potential BTC price crash in July. However, on-chain indicators support strong long-term investor confidence. As Bitcoin’s exchange supply rapidly declines, market volatility may increase — reviving bullish scenarios.
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