Bitcoin exchange reserves have reached their lowest levels ever recorded by CryptoQuant data that spans back to early 2021.

According to CryptoQuant data, more than 90,700 bitcoin have been withdrawn from major cryptocurrency exchanges over the past month. This trend is reducing the liquid supply of bitcoin and suggests that investors are withdrawing their coins as part of a long-term holding strategy.

This outflow of bitcoin from exchanges to cold storage has been a multi-year-long trend, possibly driven by the rise in the digital asset's price and factors such as the approval of spot bitcoin ETFs and anticipation surrounding the bitcoin halving event.

In July 2021, bitcoin exchange reserves hovered around the 2.8 million mark, indicating a decrease of approximately 900,000 coins …