The shortage of Bitcoin on trading platforms, which had been observed since the beginning of summer, has ended. According to new on‑chain metrics from the Santiment analytics platform, investors returned 84 percent of previously withdrawn coins to the liquid wallets of exchanges during the first three weeks of August. This process coincided with the consolidation of the price of the first crypto asset around $63,500. If in July users actively withdrew funds from centralized platforms, then in August they returned most of the coins, while institutional players continue to accumulate assets on the closed over‑the‑counter market.

According to the metric of visible supply on exchanges, the outflow of cryptocurrency, which began on June 12 with a peak of one million three hundred thirty‑seven thousand bitcoins, ended on July 28 at the level of one million three hundred four thousand coins. Over this six‑week period, trading platforms lost approximately thirty‑three thousand individual coins, which amounts to two point five percent of the total volume. By August 16, the balances had quickly recovered to one million three hundred thirty‑two thousand bitcoins. Currently, the exchanges’ reserves are only five thousand two hundred coins below their previous peak, which was recorded in June, and the rate of fund inflow has stabilized.

Santiment experts emphasized that the issuance of new shares in Bitcoin funds is completely separate from public exchange addresses, as the issuers buy coins directly from miners and large long‑term holders through over‑the‑counter platforms. This indicates that the return of liquid supply to trading platforms is occurring completely independently of institutional capital flows. The increasing pressure on exchange balances reflects the defensive actions of retail traders. They are actively accumulating liquidity on trading platforms for potential sales amid increased external macroeconomic risks and expectations related to the publication of the minutes from the September meeting of the Federal Reserve System of the United States. While large funds continue to buy assets off‑exchange, retail market participants have built up a substantial liquidity reserve and are preparing to lock in profits or make emergency sales at the first signs of panic.

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The material was prepared solely for informational and educational purposes and does not constitute financial advice or a recommendation.