Bitcoin on Exchanges Shrinks to 2.67 Million Since February, Suggesting Supply Reduction

A researcher at data firm CryptoQuant reported that the amount of Bitcoin on exchanges has dropped to 2.67 million from 2.8 million since February. This decline coincides with Bitcoin's price recently at $83,485, up 8% over the past 30 days, following a surge in August and September. The report suggests that if buying demand improves while exchange supply remains low, BTC could benefit from a supply-demand imbalance, potentially leading to a longer-term upward trend, possibly due to investors moving BTC to cold storage.