The Bitcoin reserves held on exchanges have reached their lowest level since 2018, with approximately 30,000 Bitcoin, worth $2.7 billion, being withdrawn in the past week alone. Over the last month, a total of 85,000 Bitcoin, worth $7.6 billion, have moved out of exchanges. This decline in exchange-held Bitcoin has been ongoing since January as investors transfer their holdings to private wallets for long-term storage. This trend aligns with the increasing popularity of Bitcoin ETFs, which collectively hold 1 million Bitcoin. BlackRock currently holds the largest institutional Bitcoin portfolio, with over 470,000 Bitcoin valued at $41 billion. With fewer Bitcoin available on exchanges and the rise of long-term holders and ETFs, the Bitcoin market may become more resilient and potentially lead to new price peaks.



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