Bitcoin exchange balances have recovered 84% of a six-week decline, weakening claims that ETF demand is creating an immediate shortage. Santiment data shows the reversal unfolded in less than three weeks.
Key Takeaways
Exchange balances increased by about 28,000 BTC after reaching a July low.The rebound erased roughly 84% of the previous six-week drain.ETF inflows can draw from OTC inventories and existing holders.The firm stated in its Aug. 17 X post, summarizing the complete balance reversal tracked by the metric:
“Balances bottomed on Jul 28 and have climbed to ~1.332M by Aug 16, about 28,000 BTC back on, roughly 84% of the drain undone.”
Noting that the refill had since flattened near 1.332 million BTC, leaving exchange supply about 5,200 coins below its June peak, Santiment Intelligence summarized the speed of the exchange-balance reversal:
“The squeeze took six weeks to build. It unwound in under three.”
