The amount of bitcoin (BTC) being held on exchanges has been on a steady decline since the bear market began in 2022, but the rate at which investors were pulling their cryptocurrencies off exchanges has accelerated in the last couple of months. This has resulted in one of the sharpest drops in the percent of BTC supply left on centralized exchanges.
In a new report by on-chain data aggregator Santiment, the bitcoin held on exchanges has witnessed one of the sharpest declines in history. In January 2022, the BTC held on exchanges accounted for around 11.85% of the total supply, but now, a year later, it has dropped to just 6.65% of the supply left on exchanges.
This is a result of the increasing