Data: Bitcoin reserves on cryptocurrency exchanges have fallen to 2.35 million BTC, nearing a 7-year low

ChainCatcher news, according to Cointelegraph, due to continuous buying by institutions, Bitcoin reserves on cryptocurrency exchanges have fallen to a nearly 7-year low, and investors are paying attention to potential supply shocks.

According to CryptoQuant data, as of January 13, Bitcoin reserves on cryptocurrency exchanges have dropped to 2.35 million BTC, the lowest level since June 2018, when Bitcoin was trading above $7,000.

Bitwise Research Director André Dragosch stated that the decline in Bitcoin supply may be attributed to the ongoing discounted purchases by institutional participants.