Coin World reported on March 14 that Santiment, an on-chain analysis platform, posted on X stating that according to trackable wallet data, the proportion of Bitcoin stored on exchanges has dropped to its lowest level since November 2017. Over the past more than eight years, both the crypto market and the global macro environment have undergone tremendous changes, while the proportion of Bitcoin reserves on exchanges continues to decline, which is typically viewed by the market as one of the signals of strengthened long-term holding tendencies and reduced circulating selling pressure.