Bitcoin exchange supply drops to lowest level in 7 years
According to Decrypt, CryptoQuant data shows that the supply of Bitcoin on exchanges has fallen to a seven-year low, dropping to 2.488 million BTC last Friday. The exchange reserves are currently 2.492 million BTC, with an increase of about 40000 BTC over the weekend, but this level is still the lowest since October 2018. However, CoinShares reported that as of the week ending April 28th, Bitcoin funds had inflows of $3.2 billion. The dual factors of a decrease in foreign exchange balance and an increase in capital inflows indicate that a new phase of increasing holdings is imminent. But in the past week's uptrend, individual investors seem to have played a greater role than in recent weeks. This is evident in the 'Exchange Whale Ratio', which has decreased from 0.512 on April 17th to 0.36 on April 27th.