Bitcoin holders have withdrawn a substantial 208,980 BTC from centralized exchanges over the past six months, driving the total supply on exchanges down to approximately 1.21 million BTC by early November. This represents a 1.08% decrease in the total Bitcoin available for trading, according to data from Santiment.
Despite Bitcoin's price declining 14% from its all-time high recorded on October 6th, the consistent outflows highlight a shift toward long-term holding strategies. Santiment noted, "Despite Bitcoin's market value dropping 14% since its all-time high back on October 6th, an encouraging sign is the fact that $BTC is generally staying off of exchanges." This behavior underscores reduced immediate sell pressure and enhanced market stability, as fewer coins are available for rapid liquidation.
The downward trend in exchange reserves has persisted through periods of price volatility, with sporadic trade volume spikes failing to reverse the outflow pattern. Investors are increasingly opting for private wallets or cold storage, reinforcing Bitcoin's role as a store of value and signaling strong confidence in its long-term potential, even amid short-term market corrections.
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