Bitcoin Reserves at Bottom: Is a Supply Crunch Looming?

BTC reserves on all exchanges have fallen to 2.43 million units - the lowest point since July 2022.

📉 Starting at 3.4M, this drop represents a 28% decrease in supply on exchanges in 2 years.

What does this mean?

BTC is now held more in wallets rather than traded.

Long-term investors (HODLers) are not willing to sell.

Institutional purchases are likely to retreat to cold wallets.

The fact that the price approached the 100K level during this period indicates that demand is still strong and the withdrawal of supply off-exchange is supporting the price.

This picture may have similarities with the past before the big rally.