Crypto exchange BTC reserves hit 6-year low, unchanged from 2017

According to a report recently released by CryptoQuant, a research institution for encrypted data, the Bitcoin supply of centralized exchanges is at its lowest level in six years, similar to the data in 2017, which may indicate a bullish trend for Bitcoin. The report indicates that the decrease in supply has entered its 45th month, and predicts that Bitcoin will soar to $50,000 to $53,000 by early 2024 based on Metcalfe's price valuation index.