Bitcoin supply on exchanges drops to lowest level since 2020

The supply of Bitcoin on major cryptocurrency exchanges has fallen to its lowest level since 2020, according to analysis from crypto research firm AlphaFractal. The firm noted that as of June 15, the Bitcoin Exchange Flux Balance—an on-chain metric tracking the cumulative change in total BTC held across major exchanges—stood at approximately 2.56 million BTC, the lowest figure recorded since 2020. Over the past 12 months, this balance has decreased from three million BTC, indicating that about 440,000 BTC has left exchange wallets. AlphaFractal explained that a reduction in exchange supply typically suggests either accumulation by investors for long-term holding, who withdraw to private addresses, or structural transfers to vehicles like ETFs, institutional custody services, or over-the-counter (OTC) desks.