Bitcoin Held on Exchanges Falls to 2.67 Million as Price Recovers

Bitcoin held on exchanges has fallen to 2.67 million from 2.8 million since February, while the cryptocurrency’s price has recovered from recent lows and remains more than 30% below its record high.

Bitcoin (BTC) recently traded at $83,485. The price was unchanged over 24 hours and up 8% over the past 30 days.

Exchange reserves continued to decline as Bitcoin recovered from its lows. The movement may reflect investors transferring Bitcoin into cold storage, but the reason for each transfer is not established.

Rei Researcher, an on-chain researcher, wrote that improving buying demand alongside low exchange supply could create conditions for a longer-term upward trend.

“If buying demand continues to improve while exchange supply remains low, BTC could benefit from a supply-demand imbalance, creating favorable conditions for a longer-term upward trend,” Rei Researcher wrote.

Bitcoin mostly traded below $65,000 during the first half of 2026 after spending much of the year in a bear market. The cryptocurrency reached a record $126,080 in October 2025, leaving its current price more than 30% below that level.

The decline in exchange-held supply and the recent price recovery describe changes in market conditions, but lower reserves do not establish the direction of Bitcoin’s next price move.