After the exchange BTC balance hit bottom in 2019, the price rose from $3K to $69K.

Now, this balance has hit a new low: 2.4 million coins, the lowest since 2018.
In one year, 1 million BTC have disappeared from exchanges.
So where did all the coins go?
Institutions are stockpiling: BlackRock's IBIT saw a daily inflow of $109M, MicroStrategy bought another 17,994 BTC in March, with a total holding of 738,000 BTC.
Grayscale, Fidelity, and other institutions are also continuously accumulating, and retail investors are shifting assets.
Ledger and Trezor hardware wallet supplies are in short supply; Ledger's CEO admitted that production can't keep up with orders, and Trezor is directly expanding production by 40% to meet demand.
Additionally, the government of Bhutan recently transferred $12 million worth of BTC to pay for healthcare and civil servant salaries.
Since the FTX collapse, 325,000 BTC have been withdrawn from exchanges in just one month, and this trend hasn't stopped.
The emergence of ETFs has accelerated this process, with institutions buying directly through ETFs, eliminating the need to hold coins on exchanges.
Supply tightens, demand rises, and prices fluctuate around $70K.
Will it replicate the 2019 script and start rising from here?