Bitcoin holdings on exchanges drop to 2.67M; CryptoQuant analysts predict price upside.

ChainCatcher report: In a report released on Monday by Rei Researcher, a researcher at on-chain data firm CryptoQuant, it was noted that as exchange Bitcoin reserves continue to shrink, Bitcoin’s price may see upward momentum. The report showed that Bitcoin held by exchanges has declined from 2.8 million in February to 2.67 million. Bitcoin’s recent price is approximately $83,485, flat over the past 24 hours but up 8% over the past 30 days, following its best quarter in years. The report states: “If buying demand continues to improve while exchange supply remains low, Bitcoin could benefit from a supply-demand imbalance, creating favorable conditions for a longer-term upward trend.” The report adds: “More importantly, Bitcoin has recently recovered from its lows while exchange reserves continue to decline. This is a notable development indicating that tradable supply is still decreasing even as the market recovers.” The report also notes that investors may be moving Bitcoin out of exchanges and into cold wallets. For much of the first half of 2026, Bitcoin traded below $65,000. After reaching a record high of $126,080 in October 2025, the asset spent most of this year in a bear market. However, conditions changed in August when the U.S. Treasury doubled the scale of its liquidity support repurchase operations, weakening the dollar and boosting non-yielding assets like Bitcoin. Analysts say the so-called “depreciation trade” is regaining momentum, with Bitcoin benefiting once again—as it did in 2024 and 2025. Bitcoin’s current price remains over 30% below its all-time high.