According to news on December 2, 10x Research pointed out in a report released recently that the Bitcoin balance on cryptocurrency exchanges has reached an all-time low, and on-chain data shows that the number of Bitcoins available for purchase has dropped sharply. This is in stark contrast to trends seen in late summer, when sudden inflows temporarily replenished exchange reserves, the report said. This time, however, there was no such inventory build, exacerbating the supply crunch. Analysts say Bitcoin and the broader cryptocurrency market are driven by favorable catalysts, pointing to continued growth in the year ahead. On-chain analysis shows that long-term holders, often seen as a stabilizing force in the market, are firmly holding positions, limiting the flow of Bitcoin into exchanges and reducing liquidity. It noted that currently only three major exchanges (Bitfinex, Binance, and Coinbase) report having sufficient Bitcoin reserves to satisfy buyer demand. Smaller exchanges face increasing challenges in maintaining liquidity, which can lead to increased price volatility.