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Bitcoin (BTC) balances on major centralized exchanges swung back to a net outflow over the past 24 hours, signaling a modest reduction in readily tradable supply even as regional trading activity diverged sharply—surging in Europe while thinning out in the U.S. session.

As of Tuesday 1:30 a.m. ET, data compiled by CoinGlass showed total BTC held across leading exchanges at approximately 2,486,888 BTC. Over the prior day, exchanges recorded a net outflow of roughly 462 BTC. The shorter-term picture was mixed: the past week saw net inflows of 8,273 BTC, while the past month logged net outflows of 12,586 BTC, extending what analysts often describe as medium-term pressure toward lower exchange reserves.

Coinbase Pro held the largest reported balance at 851,680 BTC, but posted the biggest daily drawdown, with 725.73 BTC in net outflows over 24 hours. On a seven-day basis, Coinbase Pro also remained slightly negative at 127.06 BTC of net outflows.

Binance, the second-largest venue by reported BTC holdings, held 650,453 BTC. Unlike Coinbase Pro, Binance registered net inflows of 160.70 BTC over the day and 4,559.98 BTC over the past week—an indication that a portion of market liquidity may be shifting toward offshore venues as traders reposition across venues.

Bitfinex ranked third with 417,158 BTC. The exchange saw a small daily inflow of 33.88 BTC, but a weekly net outflow of 582.34 BTC, underscoring that balance trends can vary meaningfully by time window.

CoinGlass data also highlighted where the day’s largest balance movements occurred. The biggest daily net inflows were recorded at Bybit (289 BTC), Kraken (176 BTC), and Binance (161 BTC). The largest daily net outflows were seen at Coinbase Pro (–726 BTC), Gemini (–200 BTC), and Gate (–178 BTC).

Trading activity by time zone on Binance’s BTCUSDT pair painted an even starker contrast in participation. Volume during the Asian session was roughly $264.96 million, while Europe accounted for about $1.81 billion, and the U.S. session totaled around $182.40 million. Compared with the previous day—Asia $233.52 million, Europe $255.18 million, and the U.S. $544.06 million—Asian session volume rose about 13%, Europe jumped roughly 609%, and U.S. activity fell around 66%.

Europe’s outsized share of trading suggests that near-term price discovery may have been driven primarily by European liquidity, while the U.S. session’s sharp decline points to reduced participation from American hours traders and institutions. In practice, such regional skews can amplify intraday volatility if liquidity concentrates in a narrower window, even when headline exchange reserve changes remain relatively modest.

Overall, the return to daily net outflows supports the view that some coins are moving off exchanges—often interpreted as reduced immediate sell-side availability—yet the week’s net inflow and the month’s net outflow together indicate a market still oscillating between short-term positioning and a broader trend of exchange balance contraction.

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