[Data: Exchange BTC reserves fall back to 2019 levels, approximately 2.7 million BTC] According to a report by Jinse Finance, CryptoQuant analyst Darkfost stated in a post that since 2022, the BTC reserves held by exchanges have been continuously declining, a trend largely triggered by the collapse of FTX. In November 2022 alone, more than 325,000 BTC flowed out of exchange reserves. Currently, exchange BTC reserves have returned to 2019 levels, approximately 2.7 million BTC. Among all centralized exchanges catering to retail investors, Binance alone holds about 20% of this amount. If platforms primarily serving institutional investors are also included, Coinbase's Coinbase Advanced ranks first with approximately 800,000 BTC. However, this figure is still about 200,000 BTC less than in July 2025.