Since late May, the number of Bitcoins (BTC) held by centralized exchanges has continued to decline, with approximately 2,000 BTC (approximately worth $66 million at current prices) flowing out of the exchange every day.

Glassnode’s “One Week on Chain Data” report on Monday found that the Bitcoin reserves of centralized exchanges have fallen back to the level since April, and in April, BTC exploded to an all-time high of approximately $65,000.

Researchers pointed out that during the bull market that led to this peak, the relentless consumption of exchange currency reserves was a key theme. Glassnode concluded that most of these BTC flowed to Grayscale GBTC Trust, or accumulated by institutions, which promoted the “continuous net outflow of exchanges.”

However, when Bitcoin prices fell in May, this trend was reversed as the coins were sent to exchanges for liquidation. Now, with the increase in outflow, the net transfer volume has returned to the negative region again.

“On the basis of the 14-day moving average, especially in the past two weeks, the exchange’s outflow has shown a more positive return, at a rate of ~2k BTC per day.”

The report also pointed out that in the past week, the percentage of on-chain transaction fees represented by exchange deposits has fallen to a percentage of 14%, after briefly reaching about 17% in May.

It added that on-chain fees related to withdrawals rebounded significantly from 3.7% to 5.4% this month, indicating that people are increasingly inclined to accumulate rather than sell.

The decline in exchange reserves seems to coincide with the increase in capital flows to decentralized financial agreements in the past two weeks.

According to data from Defi Llama, the total value locked up has increased by 21% since June 26 as it climbed from US$92 billion to US$111 billion.

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