10x Research's latest report shows that the Bitcoin balance on cryptocurrency exchanges has fallen to a historic low, with on-chain data revealing a significant reduction in the number of Bitcoins available for purchase. This trend contrasts with a brief influx at the end of summer, and currently, there is no similar increase in inventory, leading to a tightening of supply. Analysts believe the market is driven by positive factors and may continue to grow over the next year. Long-term holders are firmly maintaining their positions, limiting Bitcoin inflows to exchanges, resulting in decreased liquidity. Only three major exchanges, Bitfinex, Binance, and Coinbase, can meet buyer demand.