BTC held on exchanges over time — BTC held on labeled exchange wallets (anchored at the labeled Σbalance, netflow-integrated)
Exchange reserve follows the movement or balance of Bitcoin at labeled market participants: BTC held on exchanges over time. It helps put exchange, whale, miner and custody activity into context.
Falling reserves = coins migrating to self-custody (supply squeeze, historically bullish). Rising reserves = more coins parked where they can be sold.
Reserves are anchored to the labeled-entity snapshot balance and integrated backwards from netflow, so the trend matters more than the absolute level.