According to CryptoQuant analytics, the amount of Bitcoin (BTC) available on exchanges has dropped to 2,825,703. This is the lowest level in the last three years. Low stock market reserves indicate low selling pressure and potential supply shocks.

Following the approval of Bitcoin ETFs in the US in January 2024, accumulation by asset managers such as BlackRock put extra pressure on Bitcoin's supply. As of June 2024, BlackRock's iShares Bitcoin Trust (IBIT) holds approximately 274,000 Bitcoins.

In May 2024, monthly inflows into digital asset funds reached $2 billion. However, the same report also revealed that Bitcoin investment vehicles recorded weekly outflows of $621 million for the week of June 15, 2024.

Bitcoin's supply has been further restricted following the halving event in April 2024 due to the reduction in block mining reward.

How do you think this decline may affect Bitcoin's future price movements? We are waiting your comments!#Bitcoin#CryptoQuant #BlockchainNews