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# Bitcoin Exchange Reserve: The 2022 Peak and the Slow Drain Since
- URL: https://axeladlerjr.com/bitcoin-exchange-reserve-definition-formula-cycle-signals/
- Published: 2026-03-23T13:48:22.000Z
- Updated: 2026-11-03T20:39:22.000Z
- Description: How much bitcoin sits on exchanges, why the reserve peaked in November 2022 and how low it went in 2026.
- Author: Axel Adler Jr.
- Tags: Liquidity & flows, #Import 2026-11-01 20:37

*By Axel Adler Jr., Bitcoin on-chain analyst · Data from Jan 2017 to Nov 2, 2026*

**In short**

- The exchange reserve is the bitcoin held in known exchange wallets. On Nov 2, 2026 it was about 2.83 million BTC.
- It peaked at 3.44 million BTC on Nov 6, 2022, during the FTX collapse.
- The lowest level since 2020 was 2.67 million BTC on Apr 23, 2026.

## How has the reserve changed year by year?

| Date         | Exchange reserve |
| ------------ | ---------------- |
| Dec 31, 2017 | 1.96M BTC        |
| Dec 31, 2020 | 2.81M BTC        |
| Dec 31, 2021 | 3.30M BTC        |
| Dec 31, 2022 | 3.06M BTC        |
| Dec 31, 2023 | 3.18M BTC        |
| Dec 31, 2024 | 2.96M BTC        |
| Dec 31, 2025 | 2.77M BTC        |
| Nov 2, 2026  | 2.83M BTC        |

## Why did the reserve rise until 2022?

Futures and margin trading grew, and traders kept bitcoin on exchanges as collateral and inventory. The reserve rose from 1.96 million BTC at the end of 2017 to 3.30 million at the end of 2021\. The FTX collapse brought a final spike, as coins moved between exchanges, and then the trend turned.

## Why has it fallen since?

Holders moved coins to self-custody after FTX, and spot ETFs keep their bitcoin with custodians outside exchange wallets. From the end of 2023 to Nov 2, 2026, the reserve fell by about 350,000 BTC. Less bitcoin on exchanges means less supply ready to be sold quickly.

## Does a falling reserve mean the price will rise?

Not by itself. The reserve hit its lowest level since 2020 in April 2026, while the price was weak. It shows where coins sit, not who is buying. Pair it with [ETF flows](https://axeladlerjr.com/institutional-bitcoin-flows-etf-flow-coinbase-premium-otc-balance/) and [netflow](https://axeladlerjr.com/bitcoin-exchange-netflow-what-it-is-and-how-to-use-it/) to see why coins moved.

## FAQ

### How much bitcoin was on exchanges on Nov 2, 2026?

About 2.83 million BTC, roughly 14% of the 20.11 million BTC supply.

### When was the exchange reserve highest?

3.44 million BTC on Nov 6, 2022.

### Where can I follow exchange flows live?

On the [Bitcoin Exchange Netflow chart](https://axeladlerjr.com/charts/bitcoin-exchange-netflow/), updated daily.

**Related:** [Exchange netflow by year](https://axeladlerjr.com/bitcoin-exchange-netflow-what-it-is-and-how-to-use-it/) · [Leverage ratio guide](https://axeladlerjr.com/bitcoin-open-interest-leverage-ratio-guide/) · [Liquidity & flows charts](https://axeladlerjr.com/charts/liquidity-flows/)