According to BlockBeats, on November 19, the supply of Bitcoin on cryptocurrency trading platforms fell sharply, reaching its lowest level since November 2018. This trend shows that investors are increasingly inclined to hold Bitcoin for the long term rather than actively trade.
According to data from CryptoQuant, the number of Bitcoins held by trading platforms has dropped to approximately 2.58 million coins, a significant decrease from the peak of the bull market prior to 2021. The analysis noted that the reduced supply of Bitcoin on exchanges puts pressure on buyers as there are fewer Bitcoins available for sale.
Therefore, if demand remains the same or increases, Bitcoin's upward trend will be sustained. This also shows that investors' confidence in Bitcoin as a store of value is increasing due to unpredictable global economic policies and rising inflation.
