Bitcoin reserves on cryptocurrency exchanges have dropped to their lowest level in more than six years, as publicly traded companies ramp up their accumulation of the digital asset following the US presidential election, according to Fidelity Digital Assets.
“We have seen Bitcoin supply on exchanges dropping due to public company purchases — something we anticipate accelerating in the near future,” Fidelity reported on the X social media platform.
Source: Fidelity Digital Assets
Fidelity said the supply of Bitcoin (BTC) on exchanges had fallen to roughly 2.6 million BTC, the lowest since November 2018. More than 425,000 BTC have moved off exchanges since November, a trend often viewed as a signal of long-term investment rather than short-term trading.
Over the same period, publicly-traded companies acquired nearly 350,000 BTC, Fidelity said.
Fidelity Digital Assets is a subsidiary of Fidelity Investments, the $5.8