The shock of the bitcoin exchange is not real: the legendary legend

Glassnode has unveiled the chain level, how there is no common legend about the retreat of Bitcoin Stock Exchange.
The available Bitcoin supplies did not decrease much
In the latest weekly a reportGlassnode discussed about the widespread concept of Bitcoin about the decrease in balance of exchanges during this course.
The “balance in stock exchanges” here refers to an indication of the series, as its name suggests, measures the total amount of the cryptocurrency that sits in the governor of all central stock exchanges.
In general, one of the main reasons why investors are depositing for exchanges is for sale for sale, and therefore the balance in the stock exchanges is often seen as selling the available asset. Consequently, the increases in the scale are extinct for the BTC price, as it indicates that more owners are ready to give up the distinctive symbols. Likewise, it can be assumed that the declines are difficult.
Now, here is the Bitcoin balance on the exchanges that the Analysis Company shares in the report:
The value of the metric appears to have seen a plunge in recent months | Source: Glassnode's The Week Onchain - Week 4, 2025
As shown in the graph above, Bitcoin’s balance on exchanges was sitting at 3.1 million BTC in July 2024, but today, it decreased to only 2.74 million BTC. This is a significant decrease and made many believe this represents the creation of the “shock of display” of the original.
However, Glassnode believes otherwise, as the Analysis Company explained:
While many explain this as a form of shocking shock resulting from a mass of metal currencies that are withdrawn by individual investors – which creates the need to pressure upward prices – we believe that the majority of this decline stems from the reformulation of the coins to the ETF portfolios that it runs Guards like Coinbase.
ETFS boxes are investment vehicles offered in the United States at the beginning of last year. It provides an alternative way to acquire exposure to asset, in a familiar position for traditional investors. This style of BTC investment quickly gained, and today, the investment funds circulating in the immediate period in a noticeable amount of supply control.
“After SEC agreed to the Bitcoin Sot investment funds in January 2024, eight Entfs Spot Spot Coinbase was chosen as its shoes,” Glassnode notes. “With the demand for ETF products, a large migration of metal currencies occurred from the exchange portfolios to Coinbase’s institutional governor.”
Below is the graph that the Analysis Company shares the trend in the holdings of these instant funds.
Looks like the ETFs combined hold 1.69 million BTC at the moment | Source: Glassnode's The Week Onchain - Week 4, 2025
An interesting image appears if Bitcoin’s bodies of investment boxes are included in the stock exchanges.
How the combined balance on exchanges and ETFs has changed over the past few years | Source: Glassnode's The Week Onchain - Week 4, 2025
From the graph, it is clear that this integrated indicator sits at a value of 3.04 million BTC at the present time. This is the same level that the market was at the beginning of 2024, immediately before offering the investment funds circulating in the spot.
Accordingly, the Analysis Company concluded that the clear decrease in bitcoin balance on the stock exchanges is likely to represent a transformation in the market structure, rather than a decrease in the available sales supplies.
BTC price
Bitcoin achieved a 3 % recovery last day, which took more than $ 105,000.
The price of the coin seems to have retraced its recent plunge | Source: BTCUSDT on TradingView
Distinctive image from Dall-I, Glassnode.com, Chart from TradingView.com