Decreasing reserves mean a decline in Bitcoin supply for selling, altcoin purchasing and margin trading.
Bitcoin’s (BTC) ongoing price rally above $64,000 has coincided with a substantial drop in its reserves across all exchanges.According to data provided by CryptoQuant — a South Korea-based blockchain analytics service — the amount of Bitcoin held in exchanges’ wallets dropped to as low as 2.379 million BTC earlier this week, the lowest in more than three years. Currently, the reserves are around 2.38 million BTC.Bitcoin reserves across all exchanges. Source: CryptoQuantCryptoQuant noted that the declining Bitcoin reserves showed the availability of fewer BTC tokens “for selling, altcoins purchasing, and margin trading.” Additionally, that also reflected traders’ intention to “hodl” the cryptocurrency.Demand for Bitcoin grows among whales and fishesOn the other hand, the cryptocurrency’s demand appears
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