How much Bitcoin is sitting on exchanges — and is it leaving? Live total BTC held across major exchanges, plus net flow on and off over 1, 7 and 30 days.
Exchange reserves are the total Bitcoin held in wallets controlled by centralised exchanges. They're a proxy for the readily sellable supply: coins on an exchange can be sold in seconds, while coins moved to private cold storage generally can't and won't be. So the direction of reserves tells you something price alone can't — what holders are doing with their coins.
Outflows (reserves falling) mean Bitcoin is being withdrawn to self-custody — a sign of accumulation and conviction, and a tightening of the sell-side. Inflows (reserves rising) mean coins are being moved onto exchanges, which historically precedes selling. A sustained multi-year decline in reserves is one of the strongest structural bull signals: less and less Bitcoin is available to trade.
When exchange reserves shrink at the same time demand rises — for example, from ETF inflows — the same buying pressure hits a thinner available supply, amplifying its price impact. That supply-demand asymmetry is the core of the "supply shock" thesis. Read reserves alongside ETF flows and cycle valuation for the full accumulation picture.