Bitcoin exchange reserves have plummeted to their lowest level in years, in a sign that investor confidence in long-term bitcoin holdings is growing. More than 171,000 bitcoins have been withdrawn from major crypto exchanges since Trump won the U.S. election on Nov. 5, according to CryptoQuant. The trend has reduced the liquid supply of bitcoin, suggesting investors are shifting their holdings to cold wallets, likely as part of their long-term strategy. Exchange reserves have been falling since 2021, reflecting a broader trend of long-term holdings. According to CryptoQuant, exchange reserves, which were around 3.20 million bitcoins in October 2021, have now fallen to 2.46 million, the lowest level in years.
Similarly, Glassnode's data shows that its measure of illiquid supply (i.e. bitcoins held by long-term investors and not actively traded) has increased by 185,000 over the past 30 days to a record 14.80 million bitcoins. This represents about 75% of the current supply in circulation (about 19.79 million).
CryptoQuant: Bitcoin Exchange Reserves Drop to Lowest Level in Years
2024-12-03 15:16:45
Bitcoin trading reserves plunge to a few low levels indicating that investorsdesk3cryptocurrencydesktopCrypto News
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