Recent data reveals a significant decrease in Bitcoin held on exchanges, dropping from approximately 3.11 million to just over 3.01 million since late March. This drop coincides with a substantial price surge—from $86,000 to over $104,000, suggesting increased investor confidence and reduced selling pressure. Historically, declining exchange balances are often observed during accumulation phases, indicating that investors are moving their Bitcoin holdings to more secure cold storage facilities as they anticipate further price increases. With Bitcoin edging closer to its all-time highs and exchange balances at their lowest point in months, this trend could reinforce the bullish momentum currently driving the crypto market.