Bitcoin Reserves Hit Lowest Level Since 2021 as Over 51,000 BTC Withdrawn Amid Long-Term Holding Trend

COINOTAG reported on October 17 that, according to data from CryptoQuant, the reserves of Bitcoin on trading platforms have reached their lowest point since October 2021. Over the past month, a significant withdrawal of over 51,000 bitcoins from major cryptocurrency exchanges has been noted. This substantial reduction in available Bitcoin highlights a notable shift in the market, suggesting that investors are increasingly moving their assets into cold wallets as part of a predominate long-term holding approach. This ongoing shift of Bitcoin from exchanges into secure storage methods indicates a broader, multi-year trend. Factors such as escalating Bitcoin prices, the anticipated approval of spot Bitcoin ETFs, and expectations surrounding the upcoming Bitcoin halving event are likely influencing this behavior among investors, reflecting a growing confidence in the cryptocurrency’s future stability and value.