Bitcoin (BTC) supply on centralized exchanges has held near 5.6% for a month, the lowest reading since 2018, even as the asset trades around $78,100.
Santiment Data Reveals Eight-Year Floor
On-chain analytics firm Santiment reported this week that the share of BTC sitting in wallets tied to centralized venues has stayed flat near 5.6%, a level last seen in 2018.
Falling exchange reserves typically point to investors moving coins into self-custody, a pattern often read as reduced near-term sell pressure.
Ethereum (ETH) has moved in the opposite direction over the past 10 days, with its exchange supply climbing from 4.2% to 4.6% after a roughly 240,000 ETH inflow spike on May 10, according to Santiment and CryptoQuant netflow charts.
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Analysts Weigh Holder Conviction Signal
Santiment said the BTC reading "is the lowest ratio of BTC supply on exchanges since 2018," framing the trend as evidence of holder discipline rather than a passive shift to cold storage. The firm noted that Ethereum's level still sits near the lowest since ETH began public trading in 2015, even after the recent uptick.
Analysts argued that the divergence reflects different utility profiles, since ETH inflows often track DeFi, staking, and layer-2 activity rather than pure selling intent.
Bitcoin's flat exchange supply has held through a recovery from February lows near $61,000 and a recent pullback driven by Treasury yield pressure, suggesting holders did not rush to take profit on the bounce.
Caveats apply.
Exchange reserves no longer capture the full market picture, since spot exchange-traded funds and off-chain custody have absorbed a growing share of supply over the past two years.
BTC Price Action In Recent Weeks
BTC was trading near $78,100 on Saturday, down about 1.9% over seven days and roughly 38% below its October 2025 all-time high of $126,198.
The asset cleared $82,800 earlier in May before a Treasury yield spike and roughly $1 billion in weekly spot Bitcoin ETF outflows pulled it back under $80,000.
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