币界网报道：Bitcoin is mysteriously vanishing from exchanges at an unprecedented rate, sparking comparisons to the legendary escape artist Houdini. Data from CryptoQuant reveals that exchange reserves have plummeted to their lowest levels since early 2018, with over 1 million BTC withdrawn in the past year alone. Analysts attribute this trend to long-term holders moving coins into cold storage ahead of the 2024 halving, institutional accumulation through ETFs, and growing retail adoption of self-custody solutions. The outflow coincides with Bitcoin's price surge past $50,000, suggesting investors are betting on further appreciation. Notably, Binance has seen the largest withdrawals, losing over 300,000 BTC since its 2023 legal settlement, while Coinbase's outflows are primarily attributed to institutional movements into its custody services. This disappearing act reduces immediate selling pressure but raises questions about liquidity during periods of high volatility. Market observers warn that while reduced supply typically supports prices, the concentration of coins in fewer hands could amplify future price swings. The phenomenon mirrors patterns seen before previous bull runs, though some caution that exchange balances alone don't tell the full story of market dynamics.