According to the Blockchain analytics firm Santiment, the overall supply of Bitcoin (CRYPTO: BTC) on crypto exchanges has slipped down to its lowest level in over three years. 

As of March 17, the total supply of Bitcoin on crypto exchanges was only 10.25% of its total supply or 1,946,069.41 BTC.

Also Read: Ethereum Classic Soars On Reaction To Key Pattern, Miners Gain Interest: Is A Golden Cross On The Way?

Santiment also points out that the recent price spike in BTC was triggered by a cascade of short sellers being liquidated as the value of Bitcoin moved higher, triggering a short squeeze.

Price Check: Bitcoin was trading at $41,156.59 on Sunday afternoon, down 1.82% in the past 24 hours.