The amount of BTC held in US exchanges has dropped to levels not seen since January 2017, and the trading volumes on US exchanges have significantly decreased compared to other exchanges, according to a special report by on-chain data analysis firm CryptoQuant.

The report reveals that the BTC reserves in US-based cryptocurrency exchanges have decreased to 700,000, while the BTC reserves in exchanges outside the US have reached 1.2 million. This shift occurred towards the end of last year and the gap has further widened in the past few months. The report highlights that the exchanges that have seen the largest increase in their reserves are Binance, OKX, and Bitfinex.

Furthermore, the trading volumes on US-based exchanges have experienced a sharp decline recently. The trading volumes on international platforms have quadrupled compared to those of US-based platforms. It is emphasized that this significant increase was mainly due to Binance's zero-fee trading campaign for Bitcoin in 2022, which has now been discontinued.

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