More than 51,000 bitcoins have been withdrawn from major cryptocurrency exchanges in the past month. Exchange reserves have reached their lowest level since October 2021.
Overall exchange reserve levels in 2024 look relatively flat. The decline in reserves for Mt.Gox and Coinbase is mainly concentrated in these two sources:
1. Increased buying pressure from new Bitcoin whales. New institutional wallets other than miners and exchanges have increased their Bitcoin holdings in the past 30 days.
2. Bitcoin's entry into custody indicates growing demand from institutional participants such as companies and spot exchange-traded funds.
