Bitcoin balances on exchanges - a new historical minimum
• December 2025: < 2.3 million BTC on exchanges (the lowest level since 2009)
• About 500,000 BTC withdrawn over the year
• Most withdrawn from Binance, Coinbase, Bitfinex
Typically, this is a super bullish signal (fewer coins = less selling pressure).
But the price is currently falling (-10% for December, ~$84k).
Why?
• Liquidation of over-leveraged longs ($2+ billion)
• Macro: high Fed rates, fear of recession
• Sales by old whales and governments (Germany, USA)
BTC
90,132.16
-0.26%
