According to data published by the site unfolded Recently, the amount of bitcoin in cryptocurrency exchange wallets has now fallen to its lowest level since November 2018.

As of Wednesday, about 2.62 million bitcoins were held in cryptocurrency exchange addresses, equivalent to less than 14.2% of the total bitcoin supply in circulation.

The number of BTC held in exchange portfolios has been on a downtrend since February 2020, after briefly hitting an all-time high of more than 2.95 million BTC.

Although the bitcoin held on exchanges has fallen more than 10% in the past six months, the dollar value of this amount has increased significantly over the same time period.

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Although the bitcoin price briefly dropped to an average value of $4,860 on March 12, it has since recovered and reached the $11,758 level as of yesterday.

Since the value of bitcoin has improved by more than 240% since March, the value of bitcoin held on exchanges has doubled its monetary value since last March.

Public interest in bitcoin trading has declined in recent months, with average bitcoin trading volume dropping from a 2020 peak of over $60 billion per day in mid-March, to just $22 billion today, a drop of nearly two-thirds.

This indicates that Bitcoin holders are now adopting a wait and see approach as a result of a bull market, sitting back and holding their money rather than trading it.

According to the platform IntoTheBlockCurrently, about 89% of Bitcoin holders are in a winning position, holding Bitcoin with an average value below its current value.

Conversely, only 6% of bitcoin holders are at a loss as they bought bitcoin at a higher average value than it is today.

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