Looks like Bitcoin is playing a classic game of hide-and-seek with exchanges. According to CryptoQuant, the total BTC held across centralized exchanges has quietly slipped to just under 2.5 million as of late May 2025. Meanwhile, Bitcoin’s price decided to throw a party and shot past a new all-time high of $111,500.
The chart tells the tale: the blue line (BTC on exchanges) is sliding downhill, while the white line (price) is climbing like it’s got a rocket strapped to it. Classic case of less supply on exchanges, more demand pushing prices up, nothing new, but still exciting.
History shows that when exchange reserves drop, prices usually pop, especially when demand is hot. Many analysts are waving flags, signaling the market might be gearing up for some wild moves, thanks to a supply squeeze.
Institutional big fish seem to be scooping up the goods. Wallets holding between 1,000 and 10,000 BTC are steadily stuffing their cold storage with more coins. Strategy, the corporate whale, added 7,390 BTC in May alone, now sitting on a whopping 576,230 BTC—around 2.75% of the total Bitcoin supply—all bought at an average price of about $69,726. Meanwhile, GameStop and Japan’s Metaplanet aren’t shy either, adding to their Bitcoin piles.
Not just the whales are diving in—spot Bitcoin ETFs raked in $5.23 billion in inflows last month, per SoSoValue data. Governments want a piece too: the UAE and Pakistan are stocking up, and U.S. lawmakers are even chatting about a national Bitcoin reserve. Talk about going all in.
Technically, Bitcoin’s in a “let’s wait and see” mode. The relative strength index (RSI) sits at a neutral 52, while the moving average convergence divergence (MACD) has taken a slightly bearish dip. Short-term moving averages hint at some pressure, but long-term indicators are still waving green flags.
BTC is comfortably trading above its 200-day EMA and SMA, both trending upward. If Bitcoin can bounce back above its short-term average of around $106,000, we might see that rally push past $110,000 and beyond. But if support fails, a dip toward $98,000, or even $94,000, could be lurking around the corner.
In short, Bitcoin is playing coy with supply, making the price dance, and keeping everyone on their toes. Grab your popcorn.
Gunel Ismayilova
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