Bitcoin Exchanges See Lowest Supply in Seven Years, Amidst Investment Surge

Recent data reveals that the amount of Bitcoin held on exchanges has reached a seven-year low, with supplies dropping to 2.488 million BTC last Friday, according to CryptoQuant. While exchange reserves slightly increased over the weekend to 2.492 million BTC, this level remains historically low, dating back to October 2018. Meanwhile, Bitcoin investment funds saw a positive inflow of $3.2 billion during the week ending April 28, as reported by CoinShares. The combination of declining exchange balances and increased fund inflows suggests that the cryptocurrency market might be entering a new phase of accumulation for Bitcoin.