Bitcoin showed some muscle today, breaching the $93,000 mark, as buying saw a good amount of activity across the digital currency market. Even with prices heading north, Bitcoin stored on Binance has been retreating, according to on-chain data .

That shrinking supply on a major exchange is one of several forces traders point to as tightening available coins for sale.

Binance Reserves Shrink

Based on an analysis by CryptoQuant, Binance’s Bitcoin reserves have declined as more coins move off the exchange. Some of that shift comes from holders moving funds into private cold wallets for safekeeping.

Reports show that large buyers in the US — including spot ETF managers — are also taking coins off the market and placing them with custodians.

Those moves reduce the float available to tr

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