Bitcoin reserves on cryptocurrency exchanges fall to lowest level in nearly seven years

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Due to continuous institutional buying, the Bitcoin reserves of cryptocurrency exchanges have fallen to their lowest level in nearly seven years. According to CryptoQuant data, as of January 13, the Bitcoin reserves of cryptocurrency exchanges have fallen to 2.35 million BTC, the lowest level in nearly seven years since June 2018, when the trading price of Bitcoin was slightly above $7,000. Bitwise research chief André Dragosch said the decline in the supply of Bitcoin on exchanges may be due to continued discounted buying by institutional participants. (Cointelegraph)

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