Darius Hale
Standard-tier postMar 20, 2026 · 7 min read
Exchange reserves are falling, but not for the reason the market thinks
The broad chart is true, but the wallet mix underneath it changes the conclusion in a more interesting direction.
Aggregate exchange reserves are falling — that part of the popular commentary is right. The question is whether the falling balance is driven by long-tail withdrawals (accumulation by retail or dormant wallets) or by a smaller number of concentrated exits. The wallet mix points clearly to the second.
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