I noticed an interesting thing while looking at CryptoQuant data: Bitcoin reserves on exchanges have dropped to 2.7 million BTC, which is the lowest since 2018. That means people are seriously moving their coins off platforms, probably to hold them long-term.

The context is that BTC is currently trading around $78k, and meanwhile, reserves continue to decline. Previously, during the 2020-2022 bull runs, we saw over 3.5 million BTC on exchanges. But since the end-of-2022 crises, it's become a clear downward trend, and it has accelerated with spot ETFs in the U.S. and companies accumulating heavily.

What strikes me is that we're approaching that critical threshold where reserves could drop toward 7 million or even below. Institutions and corporate treasuries are really buying big right now. If this continues, we could see real tension in supply. This is the kind of signal we observe before major moves.