Binance recorded the steepest drop. Its holdings fell from about 670,000 BTC in late February to nearly 620,000 BTC by May 7, dipping below levels last seen in December 2023.
OKX shed close to 30,000 BTC over a similar stretch, sliding from 132,000 BTC in early March to around 102,000 BTC. Gemini followed a similar path, declining from 114,800 BTC in early February to 95,000 BTC.
OTC Supply Tightens Alongside Exchange Withdrawals The supply crunch isn’t limited to exchange order books. Over-the-counter desk balances — used by large buyers and institutions to move Bitcoin privately, outside of public markets — have also tightened.
The 30-day OTC balance change turned negative, posting a net decline of roughly 24,940 BTC. That’s a sharp contrast to early February, when the same measure stood at nearly +25,300 BTC following a dip in Bitcoin’s price toward $60,000.
Accumulation Picks Up Among Long-Term Holders Accumulator addresses typically represent buyers who add to their holdings consistently and rarely sell — a cohort watched closely as a gauge of conviction among experienced market participants.
Featured image from Unsplash, chart from TradingView
