As of late May 2025, total BTC held in centralized exchanges has dropped to a multi-year low of 2.5 million.Bitcoin's price has exceeded $104,000, signaling increased long-term confidence and a potential shift in market dynamics.Declining exchange reserves suggest a supply squeeze, with BTC moving to cold storage, indicating a preference for holding over selling.Reduced exchange reserves and tightening supply during bullish momentum could lead to significant price expansions as demand surpasses liquid supply.