Bitcoin demand ‘growing at unprecedented pace’ as supply of $BTC on exchanges plunges

Data from CryptoQuant shows that known exchange addresses now hold roughly 1.94 million BTC, a figure that represents a mere 9.8% of Bitcoin’s total circulating supply of around 19.67 million coins.

These exchange reserves have been steadily declining from a peak of 2.85 million BTC seen in July 2021. This shows that investors are increasingly taking a long-term holding strategy rather than being actively trading.