Bitcoin is trading near $91.7K as exchange supply falls 13.7%, with minimal inflows, strong outflows, and key levels at $93.8K and $96.5K in focus.
Bitcoin (BTC) is trading around $91,700 at press time, down about 2% in the last 24 hours. In the last week, it has gained 4%. The focus now shifts from short-term price changes to what is happening with the supply side of the exchange. A few coins are held in trading platforms, as the price remains close to $92,000.
Exchange Supply Hits Lowest Levels Since 2018
The share of Bitcoin held in exchange fell to 13.7%, the lowest since 2018. Binance only holds 3.2% of the total, based on the chain’s latest data. According to CryptosRus, this is part of a multi-year trend, not a temporary change. Low income suggests that the owners are not prepared to sell.
The stock rose slightly with no signs of large deposits in the trade. This behavior is in contrast to previous cycles, where increased exchange rates often led to corrections. So far, that doesn’t seem right now.
To support this, the netflow charts show consistent outflows in recent weeks. In a few days, especially December 22 and January 5, large amounts of BTC left the exchange. These exits suggest that buyers are moving coins to cold storage or long-term wallets.
Even though Bitcoin pushed close to $95,000 and later retreated, the exchange entry remained low. The lack of BTC being traded supports the idea that few owners want to sell, even at a price close to the local high.
To add another layer to the current picture, there is a debate about the supply data of long-term managers. Analyst CW flagged a problem with the Coinbase fund migration in November. They said, “Coinbase fund migration… is calculated as a decrease in LTH supply,” but that data may not reflect the actual movements of long-term managers.
The CW added that “more than 500k $BTC” should be included in the long-term supply calculations. If accurate, then the current estimates are underestimating how much BTC is being held in exchange.
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Price Choppy Around $93K as dealer view rates
Bitcoin showed more volatility this week. After hitting around $95,000, it dropped below $91,500 before bouncing back near $93,000. Traders watch price levels.
Lennaert Snyder said, “$BTC is trying to pick a direction here,” and pointed to $93,800 and $96,500 as key levels to watch. He also pointed out the potential risk if the market fails to hold $91,200.
Elsewhere, Michaël van de Poppe noted that the price is above the 21-day moving average. He said the market is in a phase but it can continue to be high if that level remains. The $100,000 mark remains intact if momentum builds and supply remains strong.
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