Bitcoin reserves on centralized exchanges have reached their lowest level since November 19, 2018, indicating a significant decline in supply. Over the past 30 days, approximately $5.96 billion worth of Bitcoin has been withdrawn from exchanges, contributing to this decrease. The reduction in Bitcoin reserves suggests that large investors, often referred to as 'whales,' are accumulating Bitcoin, potentially leading to a supply shock. This trend has been observed since the beginning of the year, with reserves consistently dropping to levels not seen in five years, and now hitting an all-time low.