Analyst James V. Straten noted that the percentage of Bitcoin supply on exchanges fell to 11.8%, back to year-to-date (YTD) lows.
The relevant metric here is Exchange Balance Percent, which tracks the total percentage of Bitcoin supply currently held in all centralized exchange wallets.
When the value of this indicator rises, it means that investors are depositing net amounts of cryptocurrency into these platforms.
On the other hand, a decrease in the value of this metric means that holders are moving their coins to their self-custodial addresses.