- Bitcoin’s price reached a record $113,923, lifting many altcoins higher.
- Despite the new BTC high, exchange reserves continue to decline.
- Investors’ reluctance to sell after the sharp rally signals strong confidence in Bitcoin’s future performance.
Bitcoin (BTC) surged to a new all-time high of $113,923, pushing the broader cryptocurrency market into a renewed bullish phase.
Even as BTC aims for further gains, market observers note that holders are not rushing to realize unexpected profits. Instead, many investors are keeping their coins off exchanges, continuing a trend that has persisted for months.
Notably, Bitcoin has risen more than 98% over the past year and is up over 13% since its recent lows in June.
While many altcoins have experienced profit-taking and volatility, Bitcoin holders have shown a marked reluctance to move their coins back onto exchanges. This behavior suggests a shift toward long-term storage and self-custody, and it underpins a bullish outlook that could push BTC toward the $120,000 level.
Exchange BTC balances fall despite Bitcoin’s sharp climb to a new ATH
Despite Bitcoin’s dramatic ascent to its latest all-time high of $113,923 on Thursday, July 10, 2025, exchange balance reports continue to show net outflows.
Data from Santiment highlights a significant reduction in the amount of BTC held on exchanges, revealing a net withdrawal of 315,830 BTC from exchanges over the past four months.
That represents a 21% decline in net exchange balances, a trend that has been building for months.
Exchange reserves for BTC are now at levels not seen in years.
Since July 2020, an extraordinary 1.88 million BTC have left exchanges, indicating a 61% decline in exchange-held supply.
“Overall, the trend of coins remaining off exchanges is a sign that the threat of a sudden market crash is reduced and that long-term investors are increasingly comfortable storing their coins in personal custody for the long run,” the platform posted on X.
This decline in exchange balances suggests a potential supply shock: fewer bitcoins available on exchanges could limit rapid sell-offs and place upward pressure on prices.
Bitcoin holders are in no rush to sell
Santiment’s bullish view aligns with findings from CryptoQuant, which noted on X that Bitcoin exchange reserves have fallen to seven-year lows.
Exchange-held BTC fell below 15% of the total supply for the first time since 2018. Like Santiment, CryptoQuant sees that dwindling supply on exchanges as a bullish indicator.
“Bitcoin hit an all-time high, yet selling pressure is nowhere to be seen,” the platform wrote. “Exchange inflows have dropped to just 18k BTC/day, the lowest since 2015… That’s a 78% drop from the roughly 100k BTC/day seen in November. Holders aren’t rushing to sell.”
Analysts explain that the reluctance to move BTC back onto exchanges reflects both a bullish market structure and a growing preference for personal custody solutions.
This trend is especially pronounced among long-term holders, who appear content to keep their assets offline and out of exchange wallets for extended periods.
With reduced exchange liquidity and strong holder conviction, the market’s price dynamics may become increasingly sensitive to changes in demand, supporting the case for continued upward momentum in Bitcoin’s price.