Key Takeaways Bitcoin exchange reserves drop to 2019 levels. Institutional ownership is reshaping supply dynamics. Short-term price risk remains despite tightening supply. Bitcoin held on crypto exchanges has fallen to levels last seen in 2019, raising questions over a possible structural shift in how it’s stored and used as institutional adoption grows. The shrinking pool of Bitcoin readily available for trading has prompted analysts to debate how tightening supply could impact price moves. Ex ...