Reserves peaked at 3.25 million BTC in 2023.
The arrival of bitcoin ETFs accelerated the shortage on exchanges, says analyst Sunny Mom.
Approximately 580,000 bitcoin (BTC) have been withdrawn from exchanges from January 2023 to the time of this publication, April 22, 2026, according to data from CryptoQuant. This move reduced the amount of bitcoin available on exchanges by 17% in the aforementioned period.
While in 2023 the exchanges hosted an all-time peak of 3.25 million BTC, Current reserves have fallen sharply to 2.67 million BTC. The records show that the outflow of coins intensified at the end of 2022 and has maintained a constant decline throughout 2024, 2025 and so far in 2026, as seen in the graph.
The withdrawal of bitcoin from exchanges usually indicates that investors are moving their funds into self-custody wallets. This behavior reduces the supply of bitcoin that is ready for immediate sale, which generates a scenario of greater scarcity.
“The data is clear, inventory on exchanges—whether measured by year or month—is heading in one direction, primarily down,” says the analyst who identifies herself as Sunny Mom, who is a featured author by CryptoQuant. This trend suggests that large bitcoin holders have no intention of selling their assets in the short term.
Sunny Mom explains that this responds to a structural change in the market. «The supply is being drained. “The question is: Who is buying?” asks the specialist, who identifies a clear catalyst in this emptying process.
According to the analyst, the main buyers are exchange-traded funds (Bitcoin ETF) in the United States starting in 2024. The current narrative reflects a transition from Bitcoin as a purely speculative asset to an institutional store of value. The iShares Bitcoin Trust (IBIT), managed by BlackRock, is leading this charge as the largest ETF on the market with 806,000 BTC under its custody.
Because of how they work, spot ETF managers must purchase bitcoin (either on exchanges or the OTC market) to back their funds’ shares. This removes bitcoin from the open market.
In addition, there are companies accumulating bitcoin. Among them stands out Strategy, which already has a total reserve of 815,061 BTC in its treasury. The company led by Michael Saylor controls approximately 4% of the total bitcoin supply, as CriptoNoticias has reported.
This massive withdrawal from exchanges underscores a paradigm shift in bitcoin ownership. «This indicator is not here to tell you when to buy or sell. “It is simply stating a fact, bitcoin is becoming increasingly scarce,” the analyst finally asserts.