CryptoQuant: Bitcoin exchange reserves fall to lowest level in years

Bitcoin exchange reserves have plummeted to their lowest level in years, suggesting that investors are growing more confident in long-term Bitcoin holdings. CryptoQuant data shows that more than 171,000 Bitcoins have been withdrawn from major crypto exchanges since Trump won the US election on November 5. This trend has reduced Bitcoin's liquid supply, indicating that investors are moving their holdings to cold wallets, possibly as part of their long-term strategy. Exchange reserves have been falling since 2021, reflecting a broader long-term holding trend. According to CryptoQuant, exchange reserves were around 3.2 million Bitcoins in October 2021 and have now fallen to 2.46 million, the lowest level in years. Similarly, data from Glassnode shows that its illiquid supply indicator (i.e. Bitcoins held by long-term investors and not actively traded) has increased by 185,000 Bitcoins in the past 30 days to a record 14.8 million Bitcoins. This accounts for about 75% of the current circulating supply (about 19.79 million Bitcoins).