An analysis of CryptoQuant data from spot and derivatives exchanges shows that the total amount of bitcoin held on all exchanges fell to its lowest level since 2018 earlier this month and has struggled to recover.
As of August 26, the trading volume across all exchanges was 129,307 BTC. Earlier this month, on August 12, the number of bitcoins fell to 112,317 bitcoins.
This is the lowest level since November 10, 2018. Currently, the number of bitcoins is down about 94% from the March high of 3.5 million bitcoins.