【Analysis: The Bitcoin balance on exchanges has reached a historical low, only three exchanges have reserves to meet buyer demand】On December 2, news from 10x Research indicated in a recent report that the Bitcoin balance on cryptocurrency exchanges has reached its lowest level in history, with on-chain data showing a sharp decline in the number of Bitcoins available for purchase. The report notes that this stands in stark contrast to the trend seen at the end of summer, when a sudden influx temporarily replenished exchange reserves. However, this time there has been no such inventory increase, exacerbating supply tightness. Analysts state that Bitcoin and the broader cryptocurrency market are being driven by favorable catalysts, suggesting continued growth in the coming year. On-chain analysis indicates that long-term holders (often seen as a stabilizing force in the market) are firmly holding their positions, limiting Bitcoin inflows to exchanges and reducing liquidity. It points out that currently only three major exchanges (Bitfinex, Binance, and Coinbase) report having sufficient Bitcoin reserves to meet buyer demand. Smaller exchanges are facing increasing challenges in maintaining liquidity, which could lead to heightened price volatility.

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