Bitcoin’s foreign exchange reserves have been has decreased dramatically in recent days. Coins are disappearing from the exchanges at a steady pace, removing the available supply ready for purchase.
Recent on-chain data from CryptoQuant shows that Bitcoin balances on exchanges continue to decline and end up in stronger hands. On the other hand, data tracking the percentage of Bitcoin supply in profit shows that only about half of addresses are making a profit.
Bitcoin disappears from the stock exchange’s order books
CryptoQuant facts Tracking Bitcoin exchange reserves across all platforms shows that the total balance has dropped to approximately 2.671 million BTC as of April 24. Notably, reserves on the exchanges have fallen from 2.68 million BTC on April 19, with the sharpest part of the decline occurring during Bitcoin’s price surge above $77,700.
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Whenever Bitcoin leaves the exchanges, it reduces the liquid inventory available for immediate sale. This type of supply reduction will always support price strength, especially if there is sufficient demand.
Bitcoin’s foreign exchange reserves have continued to decline throughout the cycle, even as prices corrected. Perhaps the most telling development lies in the way Bitcoin ownership is changing beneath the surface.
CryptoQuant’s STH/LTH Supply vs. ETF Flows data, which tracks position changes over a 30-day period across participant cohorts, reveals a decisive redistribution of Bitcoin ownership moves from weaker hands to stronger hands.
In the last 30 days, long-term holders added 303,000 BTC to their positions. Bitcoin ETFs have absorbed a net inflow of 16,800 BTC. Strategy also added Added 53,000 BTC to his holdings in the same period.
Meanwhile, short-term holders, the cohort most sensitive to price movements and most likely to sell on strength or panic on weakness, have reduced their total holdings by approximately 290,000 BTC.
Only half of the Bitcoin supply makes a profit
Even with Bitcoin being delisted from crypto exchanges, profitability metrics show a more muted picture of how much investors are currently making money. On-chain data shows that the seven-day moving average of the percentage of BTC supply in profits currently stands at 52.3%, according to insights from The Block.
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At its peak, above $126,000 in October 2025, 99.66% of the offering was profitable. The drop to almost 50% reflects the impact of the correction that followed, which brought much of the market back to breakeven. Still, Bitcoin’s recent rally above $77,000 saw many more holders take profits. As of April 2, only about 44.1% of Bitcoin supply was profitable.
Figures above 90% are a reflection of late-stage bull markets. So based on that context, the current value is 52.3% can be viewed through a bullish lens.
The three data streams (declining foreign exchange reserves, net accumulation by long-term holders and institutions) and a supply-to-earnings measure in the middle show that Bitcoin is currently in a period of consolidation.
Featured image from Getty Images, chart from Tradingview.com