Coins on exchanges can be sold instantly. Coins in personal wallets cannot. When exchange reserves fall, the potential sell pressure disappears.
Approximately 2.3 million BTC remain on exchanges — down from 3.2 million in 2022. That's 900,000 BTC ($58 billion worth) moved into cold storage.
Primarily long-term holders and institutional ETF custodians. BlackRock's IBIT custody is holding BTC offline — off-exchange by definition.
When exchange reserves rise sharply (especially from miner wallets), that signals coming sell pressure. When they fall like now — it is a bull signal.
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