New Santiment data shows that a net 403,200 BTC moved out of centralized trading platforms between December 7, 2024, and December 7, 2025. This represents a 2% decrease in the circulating supply held on exchanges.
Exchanges held approximately 1.8 million BTC (8.13% of the supply) in December 2024. A year later, that figure had fallen to approximately 1.2 million BTC (6.04%). The largest decline occurred between the end of May and the end of June 2025. According to Santiment, declining exchange reserves generally reduce short-term selling pressure.
Bitcoin Price Holds Key Support as Volatility Continues
Bitcoin is currently trading at $90,023, a 1.5% drop on the day and a 3.6% increase on the week. The asset is down 11% month-over-month and 9.6% year-over-year. After reaching an all-time high above $126,000 in October, BTC is down 28%.
The charts show the market attempting to form a higher low. A break above $92,500 could initiate a move toward $97,000, while a loss of $88,000 could expose the $84,000 region. While the reduced supply of foreign currency reduces the risk of a structural downturn, the price remains sensitive to derivatives flows and macroeconomic developments.
Analysts Watch Liquidity and RSI Signals
Analyst Goos emphasized that the increase in US repo activity, which reflects the stress seen before the 2019-2020 liquidity crunch, could be a precursor to a major move similar to Bitcoin’s 2021 rally.
Ash Crypto also notes that Bitcoin has only touched the weekly 36-RSI five times in its history, each preceded by a major rally. The last touch in 2025 supports expectations that the uptrend will continue into 2026.
