Bitcoin Exchange Reserves Hit a Record Low — So Why Isn’t the Price Rising?
Despite Bitcoin exchange reserves hitting a record low, the price is not rising due to weak market liquidity and capital concentration on Binance.Summary
Bitcoin held on exchanges reached a new all-time low in late 2025, a situation that typically signals accumulation and reduced selling pressure, yet the price has declined. This counterintuitive movement is attributed to two main factors: weakened Inter-Exchange Flow Pulse (IFP) and capital concentration on Binance. A low IFP indicates that market 'blood flow' has weakened, making order books thinner and the market more sensitive to small trades, thus suppressing price stability. Furthermore, while most exchanges showed BTC accumulation, Binance, the largest liquidity hub, experienced significant Bitcoin inflows. This concentration of capital on Binance offsets accumulation signals from other platforms and weakens overall market momentum, preventing the historically low exchange reserves from supporting higher prices.
(Source：BeInCrypto)