Bitcoin (CRYPTO: BTC) moved above $71,000 following improved geopolitical sentiment, but on-chain data suggests the market remains cautious rather than fully bullish.

Defensive, Not Panicked

Data from CryptoQuant shows that exchange reserves on major platforms such as Binance and Coinbase remain well below their early 2025 levels — a continued trend of Bitcoin being withdrawn from exchanges rather than positioned for sale.

Coinbase is often viewed as a proxy for U.S. institutional activity and has seen reserves decline from around 980,000 BTC to the mid-860,000 range.

Binance reserves have been more cyclical but also remain below prior highs, with no meaningful rebuild despite recent…

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