Less Bitcoin on exchanges than at any point in 5 years. When coins leave exchanges, owners are holding — not selling. This is bullish.
Coins on exchanges can be sold instantly. Coins in personal wallets cannot. When exchange reserves fall, the potential sell pressure disappears.
Approximately 2.3 million BTC remain on exchanges — down from 3.2 million in 2022. That's 900,000 BTC ($58 billion worth) moved into cold storage.
Primarily long-term holders and institutional ETF custodians. BlackRock's IBIT custody is holding BTC offline — off-exchange by definition.
When exchange reserves rise sharply (especially from miner wallets), that signals coming sell pressure. When they fall like now — it is a bull signal.
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