Less than 12% of the current Bitcoin (BTC) supply is held on exchanges, marking a new low since January 2018, according to Glassnode data analyzed by CryptoSlate.

Exchanges’ BTC reserves grew exponentially between Jan. 2018 and Jan. 2020, when the COVID-19 pandemic started. On Jan. 2020, nearly 18% of all BTC supply was held on exchanges. After that peak,  the amount of BTC held on exchanges started to shrink steadily and fell as low as today’s 12%.

Coinbase and Binance, the two leading exchanges,  jointly account for 5.5% of the 12% held in exchanges.