CryptoQuant data shows that as of September 16, BTC holdings on September exchanges fell sharply, reaching the level of mid-November 2018. Since the beginning of this month, BTC exchange reserves have fallen from about 2.62 million to 2.58 million, a decrease of nearly 38,000 in two weeks. The annual trend shows a larger decline, with BTC exchange reserves decreasing by about 430,000 since the beginning of the year. A lower indicator indicates that the market favors long-term holdings over short-term transactions. This behavior can increase BTC price volatility, especially when supply is constrained and demand surges.