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Bitcoin (BTC) supply is drying up to levels not seen in years, which is good news for an orange Christmas. According to a recent tweet by CryptoRank, cryptocurrency exchanges own only 6.3 percent of the total Bitcoin supply, or 1.3 million BTC.
The declining supply is nothing new; it has been moving down since the Bitcoin block reward was halved in 2020. The availability of BTC on exchanges followed suit, gradually declining over the last year.
In October 2020, just before the all-time highs of the 2020 Christmas season, exchange wallets accounted for 9.5 percent of the BTC supply, and 7.3 percent in July this year.
The December result of 6.3 percent is the lowest since 2021.