The balance of Bitcoin held by exchanges has dropped below 12%, a level not seen since the beginning of 2023. This decrease in exchange balance is due to a significant amount of coins leaving exchanges, with approximately 2.3 million Bitcoin equivalent to the 12% decrease. Binance and Coinbase hold roughly 3.5% (686,000) and 2.3% (461,000) of the Bitcoin respectively. The current halving, with the next one approaching in April 2024, is the first time we have seen a drop in exchange balance.
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