Bitcoin holdings on cryptocurrency exchanges have fallen to their lowest level in more than six years, according to Fidelity Digital Assets, as public companies ramp up their accumulation of the flagship asset following the US presidential election.

We are seeing a decline in the supply of Bitcoin on exchanges due to purchases by public companies and expect this process to accelerate in the near future, Fidelity analysts said.

The amount of Bitcoin on exchanges has fallen to around 2.6 million BTC, the lowest since November 2018. Since that month, more than 425,000 BTC have been withdrawn from trading platforms, which is often seen as a sign of long-term investment rather than short-term trading.

Over the same period, public companies have purchased nearly 350,000 BTC, Fidelity said, with Strategy making up the bulk of the accumulation. Since November, Michael Saylor's company has purchased 285,980 bitcoins, or 81% of the total.

Outside the US, public companies in Asia are also investing heavily in Bitcoin. Metaplanet currently holds 5,000 BTC, and CEO Simon Gerovich has said management aims to double its Bitcoin balance this year.