According to the latest data compiled by crypto analytic company, Santiment, Bitcoin’s supply on centralized crypto exchanges has dropped from 11.85% to 6.65% over the past year.

Kraken was hit the highest as it saw a 59% reduction in BTC balance, followed by Coinbase with 33%, Bitfinex and KuCoin with 32% each, Binance with 25%, and lastly, Bitstamp with 23%.

This trend essentially marks a historic drop in overall BTC supply, demonstrating the rising interest in self-custody. Fundamentally, the less Bitcoin there is on exchanges, the more investors see it as a long-term investment. Expectedly, it also means that there’s less immediate sell pressure.