Bitcoin recently saw a brief rebound, regaining its previous high of around $87,000, and the rapid increase in price has driven demand for this asset in the market.

Therefore, it seems that traders are purchasing large amounts of Bitcoin from exchanges, leading to a significant decline in their reserves on major exchanges.

There are still 2.68 million Bitcoins available for purchase.

The latest data from the encryption analysis platform CryptoQuant shows that after a brief rebound in Bitcoin prices a few days ago, the reserves of Bitcoin exchanges suddenly dropped to a new multi-year low.

With this significant decline, as of Saturday, October 3rd, there were approximately 2.68 million Bitcoins held in exchanges.

Although a decline in exchange reserves is generally seen as a potential signal of hoarding or long-term holding, analysts also warn that this time the situation may not necessarily fully confirm the bullish outlook for Bitcoin, as an increase in outflows from large exchanges like Binance could also be related to a variety of other factors.

The supply of Bitcoin is contracting.

Additional data provided by the source shows that throughout multiple Bitcoin market cycles, exchange reserves have been on a downward trend.

The last time Bitcoin reserves peaked was at the beginning of 2024, when the reserves were around 3.2 million BTC, and at that time, the trading price of Bitcoin was below $70,000.

However, despite significant changes in the price of Bitcoin thereafter, the number of Bitcoins held by exchanges has continued to decline.

Whether during the price increase to $73,000 in 2024, the bull market surge to $126,000 in 2025, or the subsequent market correction in 2026, the downward trend in exchange reserves has continued, and it has now dropped to its lowest level for the entire period.

Based on this continuous downward trend, the decline in the supply from Bitcoin exchanges does not seem to be directly related to any single price event, even though it has now fallen back to 2023 levels.