📉 The amount of Bitcoin (BTC) on cryptocurrency exchanges has dropped to a recent record low. Could this be seen as a sign of future price increases?

🔍 According to blockchain data platform Glassnode, BTC balances on exchanges have dropped to a 5-year low of only about 2.29 million BTC. Meanwhile, this number exceeded 3.2 million at the beginning of 2020.

📊 Behavioral analytics platform Santiment also noted this development, estimating that the BTC supply ratio on exchanges has decreased from nearly 6% in early September to 5.73% today. Additionally, it revealed that several "whales" made hundreds of millions of dollars worth of trades just before the leading digital asset skyrocketed above $28,000 on October 2.

🐳 Whales have been buying more BTC over the past few months and now control over 66% of the leading digital asset's circulating supply. Notably, the top 1% of Bitcoin addresses own nearly 19.3 million coins (as of now, there are about 19.5 million coins in production).