Bitcoin (BTC) has reached its lowest level on exchanges recorded in recent months, according to data released by the Coinglass platform.

The figures show a continuous reduction: from 2.80 million BTC (values ​​in US$$ 110 thousand) in January 2024 to 2.12 million BTC (US$$ 40 thousand) in December. This movement suggests that investors are migrating assets to private wallets ("self-custody"), a practice associated with the long-term strategy ("HODL"), which reduces immediate liquidity in the market.

The decrease in supply on exchanges historically correlates with upward pressure on prices, due to scarcity. However, the simultaneous drop in the dollar value reflects the volatility of BTC in 2023, influenced by macroeconomic factors (such as rising global interest rates) and regulatory uncertainties.

The trend of BTC leaving exchanges may indicate greater market maturity, with holders prioritizing safety after events such as platform collapses (e.g. FTX). On the other hand, the reduction in liquidity increases the risk of sudden volatility. The scenario requires attention to indicators such as institutional adoption and regulatory decisions, which will define whether scarcity will drive a new high or whether investor caution will persist.