Bitcoin broke through $125,700 on Sunday, hitting a new all-time high. At the same time, the balance of Bitcoin on centralized exchanges has dropped to a multi-year low. According to Glassnode data, the exchange balance is only about 2.83 million coins, the lowest in six years; CryptoQuant statistics are even lower, at 2.45 million coins, hitting a seven-year low. Both platforms show that BTC exchange balances have sharply decreased in the past few weeks, with Glassnode pointing out that over 114,000 BTC (about $14 billion) have flowed out of exchanges in the past two weeks. Analysts believe that the shift of funds to self-custody and institutional accounts shows increased confidence in holding assets, and the tightening supply may become a driving force for the continued upward trend in prices.
