Bitcoin Exchange Reserves Rise for First Time in Six Weeks as Stablecoin Withdrawals Hit Record High

Bitcoin reserves on centralized exchanges increased for the first time in six weeks, signaling potential profit-taking or risk aversion among investors, research firm XWIN said on Nov. 4. Miner reserves have fallen to their lowest levels since mid-2025, with operators selling Bitcoin to cover operational costs as energy subsidies and tax credits remain suspended during the government shutdown. Stablecoin withdrawal volumes from exchanges have surged to all-time highs, reflecting a shift from risk assets to dollar-pegged safe havens. The Fear and Greed Index has dropped to "extreme fear" levels, mirroring conditions seen during the 2023 banking liquidity crisis, with on-chain data suggesting confidence and capital recovery will require extended time despite Congressional Budget Office projections of a brief rebound once the shutdown ends.