The amount of Bitcoin
$94,520.08
held on cryptocurrency exchanges has dropped to the lowest level in over six years.
According to Fidelity Digital Assets, the main reason is that public companies have been buying and storing large amounts of Bitcoin, especially after the recent US presidential election.
In an April 24 post on X, Fidelity explained that the total supply of Bitcoin on exchanges has fallen to about 2.6 million BTC, the lowest it has been since November 2018.
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Additionally, over 425,000 BTC have been removed from crypto exchanges since November 2024. When Bitcoin is moved off exchanges, it usually means the owners plan to hold it for a long time, rather than trading it in the short term.
Fidelity Digital Assets also said that public companies bought nearly 350,000 BTC during this period. One company in particular—Strategy, co-founded by Michael Saylor—was responsible for most of that.
Since November 2024, Strategy has bought 285,980 BTC, which makes up around 81% of the total Bitcoin purchased by public firms. Their latest purchase of 6,556 BTC was made public on April 21.
Fidelity Digital Assets is a branch of Fidelity Investments, which manages about $5.8 trillion in assets. The company was launched in 2018, before crypto was widely accepted by institutions.
Meanwhile, Bo Hines, head of the Presidential Council of Advisers for Digital Assets, recently outlined options for increasing the United States’ Bitcoin reserves. What are they? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
