Bitcoin reserves on major exchanges are shrinking again, as CryptoQuant analyst Amr Taha reported sharp declines on Binance, OKX, and Gemini since February.
Summary
- Binance, OKX, and Gemini saw nearly 100,000 BTC leave reserves since February, tightening supply.
- Analysts say Bitcoin must reclaim $88,880 to confirm strength and reduce overhead selling pressure.
- Whale realized prices near $66,000 to $70,600 remain key support if Bitcoin weakens again.
The three platforms have seen almost 100,000 BTC leave their reserves. At a Bitcoin price near $81,300, that equals more than $8 billion in removed supply. According to crypto.news data, Bitcoin (BTC) traded at about $81,339 at the time of writing, with a 24-hour range between $80,765 and $82,752.
Binance reserves fell to about 620,000 BTC on May 7, down from nearly 670,000 BTC on Feb. 21. That means about 50,000 BTC left the exchange.
OKX reserves dropped from almost 132,000 BTC on March 2 to about 102,000 BTC. Gemini also fell from nearly 114,800 BTC on Feb. 4 to around 95,000 BTC.
Lower supply meets cautious demand
Exchange reserves often show how much Bitcoin may be ready for trading or selling. When balances fall across major exchanges together, the market can face lower available supply.
Crypto.news recently reported a similar supply trend. Binance reserves had already fallen as spot Bitcoin ETFs added 25,600 BTC, creating a tighter market backdrop while Bitcoin traded near $75,000.
At the same time, the market has not moved in a straight line. The report also noted that whales sent coins to exchanges during the rebound, while long-term holders added about 354,000 BTC.
This split keeps the setup mixed. Long-term wallets appear to remove supply, while some larger holders still use rallies to reduce exposure.
Analysts watch the $88K ceiling
CryptoQuant analyst IT Tech said market calls that “The bottom is in” need price confirmation. He pointed to the three-month to six-month realized price near $88,880 as the first overhead supply zone.
That level marks the break-even area for newer buyers. If Bitcoin rises into that band, some holders may sell to exit flat.
The analyst also flagged higher realized price bands near $93,450 and $111,850. These levels show where older underwater cohorts could add selling pressure if BTC recovers.
Therefore, Bitcoin may need to reclaim and hold $88,880 before analysts treat the bottom claim as stronger data. A quick move above the level may not be enough if sellers regain control.
Whale support remains in focus
CryptoQuant analyst CryptoOnchain said whale realized prices between $66,000 and $70,600 have acted as a support zone. These levels track whales active in the past 1 to 30 days.
The recent rebound from that area suggests large holders defended their break-even range. If Bitcoin stays above it, the market may keep a local bottom structure.
As Crypto.news reported, Bitcoin held above $70,000 in March as analysts pointed to cycle reset signs and steady Binance outflows. One CryptoQuant reading showed about $55 million in BTC leaving Binance daily on average.
