Bitcoin reserves on cryptocurrency exchanges have dropped to 2.6 million BTC, the lowest since November 2018, according to Fidelity Digital Assets.
The firm notes that over 425,000 BTC have been withdrawn from exchanges since November 2024, with public companies alone acquiring nearly 350,000 BTC after the U.S. election. In 2025, corporate buyers have been purchasing over 30,000 BTC monthly.
Fidelity attributes this trend to a strategic shift among institutional players toward long-term holding. “We anticipate this trend accelerating in the near future,” the report states, highlighting Bitcoin’s increasing role in corporate treasury strategies. This reflects recent reports of sovereign wealth funds accumulating Bitcoin as a hedge against U.S. dollar weakness and inflation.
These parallel movements indicate a fundamental market transformation. Corporate treasuries are viewing Bitcoin as a scarce reserve asset rather than a trading instrument. With continued accumulation, Bitcoin’s migration from exchange wallets to institutional custody solutions may have already entered a new phase of acceleration.
