The number of Bitcoin reserves on exchanges is at it's lowest level in the past 3 years

Estimated only 2.6 Million Bitcoin are available on exchanges, only 12.3% of the total supply is available in the market.

https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line