Binance Research Says ~500,000 BTC Left Exchanges as Supply Tightens

Binance Research said in a May 17 thread that several Bitcoin on-chain indicators suggest available supply is tightening and near-term sell pressure is easing. The firm pointed to exchange balances falling to a six-year low after roughly 500,000 BTC left trading venues since the COVID-era peak, alongside signals showing long-term holders remain dominant.