Bitcoin (BTC USD) is trading just above $104,000, but the deeper signal comes from the supply side: less BTC is sitting on exchanges than at any point in the past two years.
Backed by sustained buying in futures markets and growing institutional flows, a silent accumulation wave appears to be underway; one that’s building without the usual hype.
Exchange Reserves Drop Below 2.4M BTC
Fresh market data shows total Bitcoin reserves on centralized exchanges have now fallen to 2.39 million BTC, marking a two-year low. That’s down from over 3.3 million BTC in 2022, and the drawdown is steepening.
Falling reserves typically signal that users are moving BTC USD into long-term storage rather than keeping it on exchanges.
This shrinkage in available supply means the market is becoming increasingly sensitive to demand shocks, especially if buyers return in volume.
Futures Flows Show Strong Buy-Side Intent For Bitcoin (BTC USD)
Meanwhile, derivatives markets are pointing to persistent demand. For over three months now, buy orders have dominated futures trades, with aggressive takers continuing to pay market price rather than waiting with limit bids.
This kind of sustained pressure reflects active positioning from confident buyers, not passive or speculative proclivities. The behavior mirrors patterns last seen during early 2021’s rally, but this time, with less noise and more conviction.
Spot Volumes Cool Down
Despite the bullish structure in futures, spot market activity appears muted, but not in a bearish way.
Volume maps indicate that Bitcoin (BTC USD) is in a cooling phase, characterized by steady activity and limited action.
This phase is typically associated with accumulation, where large holders quietly build positions without creating sharp price moves or triggering momentum traders.
In other words, there’s movement: just not the kind that grabs headlines.
ETFs and Open Interest Add Quiet Pressure
Futures open interest has been climbing gradually, even as spot markets stay calm. On June 18, spot Bitcoin ETFs brought in $285.2 million in net inflows: one of the strongest single-day totals this month. The flows haven’t moved headlines, but they’ve added up.
