Bitcoin’s potential rally to new record highs is evidenced by onchain data tracking BTC supply on exchanges, which has been reducing to reach a near-five-year low, according to data from CryptoQuant.
As of Oct. 15, centralized crypto exchanges held about 2.68 million BTC, a 20% drop from an all-time high of 3.37 million BTC reached in July 2021.
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