Bitcoin CEX reserves drop to multi-year low as institutional demand grows

BlockBeats news, October 17, according to CryptoQuant data, Bitcoin trading platform reserves have fallen to the lowest level since October 2021. Data shows that in the past month, more than 51,000 bitcoins have been withdrawn from major cryptocurrency trading platforms.

This trend has reduced the liquid supply of Bitcoin, indicating that investors are withdrawing their tokens to cold wallets as part of a long-term holding strategy. This outflow of Bitcoin from trading platforms to cold wallets is a multi-year trend, which may be driven by factors such as rising Bitcoin prices, approval of spot Bitcoin ETFs, and expectations of Bitcoin halving.