Bitcoin Supply on Exchanges Hits Lowest Level Since 2018

According to Odaily, the supply of Bitcoin on cryptocurrency exchanges has significantly decreased, reaching its lowest level since November 2018. This trend indicates a growing preference among investors to hold Bitcoin for the long term rather than engage in active trading. Data from CryptoQuant reveals that the number of Bitcoins held on exchanges has dropped to approximately 2.58 million, marking a substantial decline from the peak levels observed during the bull market before 2021. Analysts suggest that the reduced supply of Bitcoin on exchanges creates pressure on buyers, as the number of Bitcoins available for sale diminishes. Consequently, if demand remains steady or increases, the upward trend in Bitcoin's value is likely to continue. This development also reflects a strengthened confidence among investors in Bitcoin as a store of value, driven by unpredictable global economic policies and rising inflation.