Bitcoin exchange balances have decreased significantly, dropping from approximately 3.4 million BTC to 2.5 million BTC, according to data from Coinglass. This trend indicates a shift of Bitcoin from exchanges to personal wallets, suggesting a reduction in the immediate selling pressure and an increase in long-term holding (HODL) behavior among investors. The trend has been further accelerated by recent ETF approvals. On-chain data also shows that Bitcoin outflows from exchanges continue to outpace inflows, with occasional large outflows of up to 60,000 BTC. This pattern suggests that large holders, such as whales and institutions, are moving their Bitcoin off exchanges for storage rather than short-term trading. This ongoing supply absorption phase indicates a market structure where the desire to hold Bitcoin exceeds the desire to sell, potentially supporting price stability. While the decrease in exchange balances does not guarantee short-term price increases, it does suggest a foundation for resilience against temporary market downturns influenced by external factors like U.S. interest rates and ETF fund flows. Overall, Bitcoin is increasingly being viewed as a stored asset rather than a traded one.