On-chain data show that centralized exchanges now hold only a small fraction of Bitcoin’s total supply, Analytics firm CoinGlass reports that about 2.1 million BTC were on exchanges as of late November 2025 – roughly 400,000 BTC (≈2% of circulation) less than a year earlier. In other words, roughly 90% of all mined BTC is not sitting on exchanges (a low not seen since 2019)
Santiment notes that this steady outflow is historically a bullish signal – “the less coins on exchanges, the less likely we’ve historically seen a major sell-off” Much of the withdrawn supply has moved into cold storage, ETFs, or corporate treasuries, creating a “supply squeeze” for spot markets.