CryptoQuant: Bitcoin exchange reserves drop to the lowest level in years

ChainCatcher news, according to The Block, the reserves of Bitcoin exchanges have plummeted to their lowest levels in years. CryptoQuant data shows that since November 5, when Trump won the U.S. election, over 171,000 Bitcoins have been withdrawn from major crypto exchanges. This trend reduces the liquid supply of Bitcoin, indicating that investors are moving their holdings to cold wallets, which may be part of their long-term strategy.

CryptoQuant states that the exchange reserves were approximately 3.2 million Bitcoins in October 2021, and have now fallen to 2.46 million, the lowest level in years. Similarly, Glassnode data shows that its illiquid supply metric (i.e., Bitcoins held by long-term investors that are not actively traded) has increased by 185,000 in the past 30 days, reaching a record 14.8 million Bitcoins. This accounts for about 75% of the current circulating supply (approximately 19.79 million).