CoinMeta data: According to U.Today, recently the price of Bitcoin briefly rebounded to around $87,000, leading to a surge in demand. Traders flocked to buy Bitcoin from exchanges, causing a sharp decline in their reserves. According to the latest data from the crypto analysis platform CryptoQuant, Bitcoin exchange reserves have dropped to a multi-year low, with approximately 2.68 million BTC currently held by exchanges. Although a decrease in exchange reserves is usually seen as a potential signal for accumulation or long-term holding, analysts warn that this situation may not fully confirm a bullish outlook for Bitcoin, as increased capital outflows from major exchanges such as Binance could be related to other factors. The data also shows that Bitcoin exchange reserves have been declining over multiple market cycles. The last time Bitcoin reserves peaked was at the beginning of 2024, when they were around 3.2 million BTC, and the price of Bitcoin was below $70,000. Despite significant changes in asset prices, the number of Bitcoins held by exchanges has steadily decreased since then.