Bitcoin exchange reserves just hit 2.68 million BTC, the lowest point on this chart going back to September 2023, while price has climbed back to $84,600. That's the actual signal worth sitting with, not just today's price. What strikes me zooming out is how consistent this downtrend has been across completely different price regimes. Reserves peaked near 3.2 million BTC back in early 2024 when price sat well below $70K, then kept declining through the 2024 highs near $73K, the 2025 run toward $126K, and the 2026 pullback. Price went up, down, and sideways multiple times, reserves just kept falling through all of it. Personally, the period that stands out most is late 2024 into 2025, reserves dropped sharply from around 3.1 million toward 2.9 million while price was stuck in a wide consolidation range. That's coins leaving exchanges with no single price catalyst behind it, a steady structural outflow, not an event driven spike. My honest read: a reserve decline this consistent across multiple cycles is typically read as accumulation or long term holding intent, coins aren't sitting available for quick sale. I think that's a fair read here. Where I'd push back on reading too much into it though, exchange reserves leaving doesn't tell you where coins actually went, cold storage, OTC desks, and custody shifts all look identical on this chart. What I'm watching: whether this decline keeps going as price pushes higher, or whether a rally toward new highs eventually pulls some supply back onto exchanges the way past cycles have. $BTC #BTC Price Analysis# #Altcoin Season#