The #Bitcoin Fund to All Exchange Reserve Ratio (All Funds Supply ÷ All Exchanges Supply) on CryptoQuant is currently at an all-time high of ~ -0.5.

Meanwhile, BTC price has diverged from the trend and dropped sharply to the ~76-78K USD zone.

This metric measures the ratio of $BTC held by institutional funds (#ETF + institutional funds) compared to total reserves across all exchanges. It is a classic sign of strong institutional demand.

One key positive: Supply on exchanges remains tightly controlled → high potential for a #supplyshock once demand returns.

This $BTC on-chain metric will be the main focus to watch in the coming weeks to assess the real health of the Bitcoin cycle.

Written by Rei Researcher