- Bitcoin price reaches a record $113,923, driving altcoins higher
- Exchange reserves continue to decline despite BTC’s new peak
- Investors’ reluctance to sell, even as prices surge, signals strong confidence in Bitcoin’s future performance
Bitcoin (BTC) surged to a new all-time high of $113,923, sparking renewed bullish momentum across the broader cryptocurrency market.
Despite BTC’s sharp rise, analysts note that the market is not rushing to convert gains into cash. Many holders are choosing to withdraw coins from exchanges, continuing a months-long trend toward long-term storage and self-custody.
Bitcoin has climbed more than 98% over the past year and is up over 13% since its most recent low in June.
While many cryptocurrencies have experienced profit-taking volatility, Bitcoin holders have largely resisted moving coins back onto exchanges. This behavior indicates a shift toward longer-term holding and custody, and suggests BTC’s rally could continue toward a potential next target of $120,000.
Exchange balances fall even as Bitcoin hits a new ATH
Although Bitcoin reached a new all-time high of $113,923 on Thursday, July 10, 2025, on-chain data shows exchange balances continue to decline.
Data from Santiment highlights a significant drop in BTC held on exchanges: over the past four months, a net 315,830 BTC left exchange wallets.
That represents a roughly 21% decrease in net exchange supply, a trend that has been unfolding for several months.
In fact, exchange reserves for BTC are at multi-year lows: about 1.88 million BTC have moved off exchanges since July 2020, a decline of roughly 61%.
“Overall, the trend of coins moving away from exchanges signals that the risk of a swift market dump is reduced, and long-term holders are increasingly comfortable storing their coins in private custody for the long run,”
This withdrawal trend points to a potential supply shock: with fewer BTC available on exchanges, the market may be less able to absorb sudden sell pressure.
Bitcoin holders are in no hurry to sell
Santiment’s bullish view aligns with insights from CryptoQuant, which noted that Bitcoin exchange reserves are at their lowest level in seven years. Exchange-held BTC has fallen below 15% of total supply for the first time since 2018, a level analysts interpret as bullish due to increased scarcity.
“Bitcoin made a record high but there’s no selling pressure,” the platform wrote. “Exchange inflows have fallen to just 18,000 BTC/day—the lowest levels since 2015… down 78% since breaking $100,000 in November. Holders are not rushing to sell.”
Analysts say the reluctance to return BTC to exchanges reflects bullish sentiment and greater confidence in private storage. This behavior is especially pronounced among long-term holders, who appear content to keep assets offline rather than tradable on exchanges.
Overall, the combination of rising prices and declining exchange balances suggests a market environment in which supply on exchanges is tightening while investor conviction grows—factors that can support further upside in Bitcoin if the trend persists.