Bitcoin Exchange Balances Drop to Six-Year Low as Supply Falls Below 2.8 Million BTC

Key Takeaways:Bitcoin supply on centralized exchanges has dropped to just over 2.8 million BTC, the lowest level in nearly six years.The decline signals long-term accumulation as investors move assets into self-custody and cold storage.The drop coincides with Bitcoin trading near $124,000, reflecting strong investor confidence and reduced sell-side pressure.According to on-chain data from Glassnode, reported by BlockBeats, the amount of Bitcoin (BTC) held on centralized trading platforms has fallen to just over 2.8 million BTC, marking its lowest level since late 2019.This trend indicates a growing preference among investors to withdraw their Bitcoin from exchanges, often a sign of long-term holding behavior and reduced selling pressure in the market.The six-year low comes as Bitcoin continues to trade around $124,000, hovering near its recent all-time high. Analysts note that the declining exchange reserves suggest that market participants are increasingly viewing BTC as a long-term store of value, particularly amid macroeconomic uncertainty and concerns over fiat currency debasement.On-chain data platforms, including Glassnode and CryptoQuant, have consistently shown that falling exchange balances historically precede major bull runs, as fewer coins remain available for immediate sale.