The total supply of Bitcoin on exchanges has reached its lowest level in seven years, after dropping to 2.488 million BTC on Friday.
Exchange reserves currently sit at 2.492 million, having increased by around 40,000 BTC over the weekend, yet the level remains its lowest since October 2018, according to CryptoQuant data.
This exodus comes as Bitcoin’s price sits at $95,400, with the coin now looking to build on gains posted last week, after the Trump administration voiced willingness to reach a deal on tariffs with China.
And while the exchange balance is reaching seven-year lows, Bitcoin funds witnessed $3.2 billion in inflows in the week to April 28, as per the latest CoinShares Digital Asset Funds Flows report.
The combination of declining exchange balances and increasing fund inflows points to a renewed phase of accumulation. But amid the past week’s gains, retail appears to be playing a bigger role than it has done in recent weeks.
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