Bitcoin (BTC) reserves on cryptocurrency exchanges have dropped to their lowest level since November 2018, according to Fidelity Digital Assets. This dramatic decline is driven largely by publicly traded companies increasing their Bitcoin holdings, particularly following the U.S. presidential election.
Fidelity: Public Company Purchases Drive Exchange Outflows
In a recent update on X (formerly Twitter), Fidelity reported that Bitcoin supply on exchanges has fallen to just 2.6 million BTC, reflecting an accelerating trend of long-term holding over short-term trading.
“We have seen Bitcoin supply on exchanges dropping due to public company purchases — something we anticipate accelerating in the near future,” said Fidelity.
More than 425,000 BTC have been moved off exchanges since November, with nearly 350,000 BTC of that snapped up by public companies.
Fidelity’s Institutional Footprint in Bitcoin
Fidelity Digital Assets, a subsidiary of Fidelity Investments (which manages $5.8 trillion in assets), has long been a pioneer in institutional crypto adoption. Established in 2018, Fidelity Digital was among the first to recognize Bitcoin as a serious investment asset.
The firm is also behind the Fidelity Wise Origin Bitcoin Fund, one of the first 11 spot Bitcoin ETFs approved in the United States.
Strategy Leads the Pack in Bitcoin Accumulation
While corporate Bitcoin buying is widespread, Strategy (formerly MicroStrategy) remains the dominant player. Co-founded by Michael Saylor, Strategy has purchased 285,980 BTC since November, accounting for a staggering 81% of all public company BTC acquisitions during that period.
- Strategy’s latest acquisition: 6,556 BTC as of April 21.
Outside the U.S., companies in Asia are adopting similar treasury strategies:
- Metaplanet (Japan): Holds 5,000 BTC, aiming to double this year.
- HK Asia Holdings (Hong Kong): Plans to raise $8.35 million to expand its Bitcoin reserves.
What Falling Exchange Supply Means for Bitcoin
A reduction in Bitcoin on exchanges is often seen as bullish, suggesting that investors — especially institutions — are opting for cold storage or long-term holding rather than frequent trading. This shift could support Bitcoin’s price stability and fuel its next bull run.
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