Bitcoin Trading Platform Reserves Drop to Multi-Year Low

Bitcoin trading platform reserves have fallen to their lowest level since October 2021, CryptoQuant data showed on October 17th. More than 51,000 Bitcoins have been withdrawn from major cryptocurrency trading platforms over the past month, the data shows. This trend reduces the liquid supply of bitcoin and suggests that investors are withdrawing their bitcoin as part of a long-term holding strategy. This outflow of bitcoin from trading platforms to cold wallets is a multi-year trend, perhaps driven by factors such as rising bitcoin prices, the approval of spot bitcoin ETFs, and expectations of a halving of bitcoin. (The Block)