The supply of Bitcoin on centralized crypto exchanges has fallen to 2.51 million coins, the lowest level since November 2018, according to data from Glassnode.
The outflow of BTC from centralized trading platforms to more secure non-custodial wallets may indicate market participants are favoring long-term investment strategies.
Another possible reason is the sanctions against Russia, under which a number of crypto exchanges have blocked user accounts from this region. In an attempt to secure their assets, they prefer to control private keys on their own.
Popular platforms like Binance and Kraken have stated they will not block clients from the Russian Federation, but will take this step at the request of global regulators.