Over the past three weeks, wallets with balances from 10 to 10,000 BTC have increased their holdings by 86,702 BTC. Their combined balance has risen to its highest level since April 23. At the same time, Bitcoin continues to leave exchanges.
Who exactly is accumulating BTC
This refers to wallets holding between 10 and 10,000 BTC. This category may include funds, companies, and large private holders. Small retail wallets are not included in this group. The growth in the combined balance means that large participants have been increasing their positions over the past weeks.
What is happening with exchange reserves
On Monday, about 24,073 BTC were withdrawn from crypto exchanges. This is the largest daily outflow since March 1. When Bitcoin is withdrawn from an exchange, the coins are moved to personal or cold wallets. Such BTC is no longer directly available for quick sale through the order book.
ETFs are also taking supply
Additional demand is coming from spot Bitcoin ETFs. Over the last session, they received about $119 million in net inflow. When funds receive new capital, part of the money is directed toward buying Bitcoin. This also reduces the volume of coins that remains freely available on the open market.
How much BTC is left on exchanges
Currently, about 6.5% of the total Bitcoin supply is held on trading platforms. The fewer coins stored on exchanges, the smaller the volume that can be quickly put up for sale. This does not guarantee price growth. But the liquidity structure becomes more sensitive to large orders.
Why this matters for a trader
When the order book becomes thinner, even a relatively large order can move the price more strongly. This increases the likelihood of:
- sharp candles;
- wider intraday movements;
- increased slippage;
- rapid removal of liquidity from nearby levels.
Therefore, the decline in exchange reserves is important not only as an indicator of accumulation, but also as a factor in future volatility.
What's next
Now it is important for the market to understand whether accumulation by large holders will continue. Three indicators will be under scrutiny at once:
- the balance of wallets with large amounts of BTC;
- crypto exchange reserves;
- inflows into spot Bitcoin ETFs.
If all three directions maintain their current dynamics, the available supply of Bitcoin on the market will continue to shrink.
Trading BTC on a thin order book?
In a market with limited liquidity, price can move several percent faster than usual. And then the result depends not only on the entry point, but also on the size of available capital. The point of prop trading is that access to the company's large trading account is given after passing a challenge, rather than being determined by the size of the trader's own deposit. It is better to understand the mechanics before the next strong move.