Bitcoin supply on major cryptocurrency exchanges has been declining over the past few weeks.
All categories of investors are withdrawing funds from exchanges. According to the Santiment team, the number of BTC on exchanges has fallen to its lowest level since November 2018.
The low supply of the asset has led to less volatility in the market and stagnation in the bitcoin exchange rate. The coin continues to trade in the $19,000 to $20,000 range.