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Cryptocurrency Exchange Bitcoin Reserves Near 7-Year Low

BlockBeats News, January 13th, according to Cointelegraph's report, due to continued institutional buying, the Bitcoin reserves on cryptocurrency exchanges have dropped to a nearly seven-year low, with investors focusing on a potential supply shock.

According to CryptoQuant data, as of January 13th, the Bitcoin reserves on cryptocurrency exchanges have declined to 2.35 million BTC, reaching a level unseen since June 2018 when Bitcoin's price exceeded $7,000.

Bitwise's Research Director, André Dragosch, stated that the decrease in Bitcoin supply may be attributed to continual discount-price purchases by institutional participants.

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