The reserves of Bitcoin on exchanges have indeed reached their lowest levels in years. According to data from on-chain analytics platform CryptoQuant, there are currently approximately 2.8 million BTC left on exchanges1.

This decline comes amid a sustained price surge for Bitcoin, as it continues to test the $70 ,000 mark1.

When BTC reserves decrease, it often indicates that people are less willing to sell and are moving their holdings to secure cold wallets. This trend has been noticeable since early 2022 and has intensified over the past year

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