Bitcoin exchange reserves have been decreased significantly in recent days. Coins are in slow motion, removing what is available ready for purchase.
The latest on-chain data from CryptoQuant shows that Bitcoin volumes on exchanges continue to decline and are moving into stronger hands. On the other hand, tracking the number of Bitcoin offers shows that almost half of the addresses are profitable.
Bitcoin Is Running Out Of Exchange Order Books
CryptoQuant data following the Bitcoin exchange database across all platforms shows that the combined value has fallen to about 2.671 million BTC as of April 24. In particular, the database has fallen from 2.68 million BTC on April 19, with the sharp leg of the drawdown occurring at the price of Bitcoin rising above $77,700.
Collaborative Reading
Whenever Bitcoin stops being exchanged, they reduce enough water to sell quickly. This type of reduction will always support pricing power, especially when there is sufficient demand.
Bitcoin prices have continued to decline throughout this period, despite the price correction. However, perhaps the most notable development lies in how Bitcoin ownership is changing on the ground.
CryptoQuant’s STH/LTH Supply vs. ETF Flows data, which tracks 30-day changes in all participating stocks, reveals a definite redistribution of Bitcoin ownership from weak to strong hands.
In the last 30 days, long-term holders have added 303,000 BTC to their positions. Bitcoin ETFs will hold a total of 16,800 BTC. Strategy has also increased 53,000 BTC to its assets at the same time.
Meanwhile, long-term holders, a group that is more sensitive to price movements and can trade on strength or fear of weakness, have reduced their combined position by 290,000 BTC.
Only Half of the Bitcoin Supply Is Profitable
Although Bitcoin is being removed from crypto exchanges, profitability metrics are showing a very low opinion of the amount of money that is currently being generated. On-chain data shows a seven-day shift in the average percentage of BTC taking a profit currently at 52.3%, according to Thoughts from The Block.
Collaborative Reading
At the peak, above $126,000 in October 2025, 99.66% of the products were profitable. A drop of almost 50% is indicative of a correction following, bringing a large part of the market back to the broken levels. However, Bitcoin’s recent rally above $77,000 pushed many others to profit. Only about 44.1% of Bitcoin made a profit on April 2.
A reading above 90% is indicative of a late bull market. Therefore, based on this article, the current reading of 52.3% it can be viewed through a bullish lens.
The three streams of data (minimum of exchange databases, collection of the net and long-term holders and institutions) and profitable calculations at the center of the presentation of Bitcoin are currently in an integrated phase.
Photo taken from Getty Images, chart from Tradingview.com
