Bitcoin Exchange Reserves Extend Monthly Outflows as Europe Trading Volume Surges

Bitcoin (BTC) exchange reserves posted a short-term inflow but continued to trend lower over the past month, a mixed signal that points to persistent 'supply tightening' even as day-to-day trading activity shifts sharply toward Europe.

As of Tuesday 03:20 UTC, major exchanges collectively held about 2,461,422 BTC, according to CoinGlass. The figure showed a net inflow of 2,921 BTC over the day and 4,712 BTC over the past week, but the monthly balance still reflected a net outflow of 21,268 BTC—keeping the medium-term drawdown intact.

Coinbase Pro led exchange balances with roughly 842,099 BTC, recording a daily net inflow of 2,847 BTC and a weekly net inflow of 48,166 BTC. Binance followed with about 632,905 BTC, but logged a daily net outflow of 164.99 BTC and a weekly net outflow of 11,838.53 BTC, underlining continued net withdrawals from the world’s largest venue by volume.

Bitfinex held approximately 401,936 BTC, showing a modest daily net inflow of 27.89 BTC while posting a weekly net outflow of 23,046 BTC. On a daily basis, the largest net inflows were seen at Coinbase Pro (2,847 BTC), OKX (191 BTC), and CoinEx (88 BTC), while the largest net outflows were recorded at Binance (–165 BTC), Korbit (–47 BTC), and bitFlyer (–29 BTC).

While reserve data informs the availability of BTC on exchanges, intraday liquidity is also shaped by where trading volume concentrates. On Binance’s BTC/USDT pair, CoinGlass data showed Asian-session volume of about $329.21 million, European-session volume of about $1.18 billion, and U.S.-session volume of about $274.27 million.

Compared with the prior day’s distribution—Asia at roughly $539.59 million, Europe at about $938.04 million, and the U.S. at around $627.68 million—Asia was down about 39% and Europe climbed about 26%. The most pronounced move was in the U.S. session, where volume fell roughly 56%, signaling a sharp pullback in participation relative to the day before.

The combination of month-long exchange outflows and a Europe-led rise in activity suggests market liquidity is becoming more regionally concentrated, even as coins continue to migrate off trading venues. If U.S.-session engagement remains subdued, price discovery could increasingly be shaped by European flows and thinner U.S. liquidity, amplifying sensitivity to macro headlines and large orders without implying a change in the broader trend by itself.