Data from CryptoQuant suggests there are over 2.8 million BTC in total on centralized exchanges, the lowest number since November 2018 and 500,000 less than the amount seen in March.

Additional data from CryptoQuant reveals that institutional investors went from selling a net 5,000 BTC on Sept. 2 to buying an average of 7,000 BTC by the end of September. This is the highest daily purchase of these investment products since July 21, when net buying was above 9,000 BTC.