According to CryptoPotato: Bitcoin (BTC) supply on exchanges has reached its lowest level in approximately six years, with only 5.8% of the total supply currently sitting on trading platforms. This level was last seen on December 17, 2017. The decline in BTC supply on exchanges indicates that holders have not regained confidence in centralized platforms, opting for cold storage options and self-custodial methods instead. This trend intensified after the collapse of FTX, one of the largest cryptocurrency exchanges, in November last year, which led to increased BTC outflows from major exchanges, including Binance. The amount of BTC on exchanges dipped to 7% between Q4 2022 and Q1 2023, and by May, it had plunged to 6%, currently standing at around 5.8%. This suggests that the current level is driven by fear, uncertainty, and doubt (FUD) regarding the potential collapse of other exchanges. Despite the declining BTC supply on exchanges, Santiment reported continuous significant activity in whale transactions, with bitcoin transactions exceeding $100,000 in value averaging 57,400 weekly. This activity has persisted even as BTC's price recently dropped to the $25,000 level. On-chain analysis revealed that whales and sharks holding 10 to 10,000 BTC accumulated over 11,600 BTC, worth approximately $308 million, between August 17 and August 24. As of yesterday, around 156,660 wallets were holding 10 to 10,000 BTC, supporting claims of significant whale activity.