Crypto entrepreneur Lark Davis recently shared a chart showing that the amount of Bitcoin (BTC) on Centralized Exchanges (CEXs) is dropping. Although there were a few upward fluctuations, the chart showed a consistent fall in exchanges’ Bitcoin Reserves since January 2024.
Insights gathered from blockchain analytics platform CryptoQuant suggest that the plunge in exchange reserves corresponds with a surge in the coin’s price. Notably, the price of Bitcoin was $65,489.25 at the time of writing, having increased by 1.66% in the last 24 hours. To complement the upswing, the coin’s 7-day price gains have soared by 3.11%.
Consistent Drop in Bitcoin Exchange Reserves
Bitcoin exchange reserves dropped from approximately 3 million BTC in January to around 2.6 million BTC. Market observers noted that this level was last seen in November 2018.
An even larger drop was discovered in the yearly trend. About 430,000 BTC had reduced the reserves since the beginning of the year. Th
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