In the past two days, the amount of Bitcoin (BTC) available on centralized exchanges has reached new lows due to increased bullish activity in the market. Recent data from on-chain analytics company Glassnode shows that Bitcoin supply on exchanges has dropped to 1,728,782 BTC, hitting new lows as market sentiment turns positive.

Within the last 24 hours, 23,654 BTC have exited exchanges, and the weekly outflow is at 19,859 BTC. These figures indicate a significant decrease in Bitcoin supply on exchanges, as the cryptocurrency’s market conditions become more favorable. Over the past month, Bitcoin outflows have been lower, totaling 9,509 BTC.

Currently, Bitcoin is trading at $65,410, following a series of recoveries and fluctuations in its price throughout the week. The asset's value has risen from just over $60,000 last week to its current level.

Large holders, known as whales, are moving their Bitcoin off exchanges, signaling a bullish trend as it implies they intend to hold the asset long-term. This behavior is similar to the actions of miners before the Bitcoin halving event, where they adjust their holdings in anticipation of a 50% reduction in mining rewards. In the last 24 hours alone, Binance saw an outflow of 7,155 BTC, while Coinbase Pro experienced a substantial 16,075 BTC outflow, suggesting significant institutional purchases.

A recent report from crypto exchange Bybit suggested that the supply of Bitcoin on exchanges could be exhausted within nine months. The report attributes this potential outcome to the Bitcoin halving and the influx into spot Bitcoin ETFs.

The surge in crypto assets has fueled bullish sentiments, leading to increased accumulation and long-term holding. Consequently, the Bitcoin supply on exchanges has decreased over the last two days. Positive Consumer Price Index (CPI) data and new institutional disclosures of spot ETF exposure have contributed to this trend.

This week, several traditional finance companies disclosed their investments in spot Bitcoin ETFs, causing a fresh surge in Bitcoin prices.

In conclusion, the significant reduction in Bitcoin supply on exchanges and the movement of assets by large holders indicate growing bullish pressure in the market. The interplay between institutional interest and market conditions continues to drive the positive trend in Bitcoin’s price and supply dynamics.