The current state of Bitcoin’s exchange reserves suggests that market participants are increasingly holding onto their BTC in anticipation of future gains, as many people continue to speculate about where the Bitcoin price could be heading in the coming months. Related Reading: Dogecoin Holder Base Falls To 6-Month Low, But Analyst Believes DOGE Price Is Headed To $10 When fewer coins are available on exchanges, it often indicates reduced selling pressure, which drives the price higher as demand continues to rise. Uptober is now fully in play, and Bitcoin is already up by 6.3% in the month.
According to CryptoQuant data reposted on social media platform X by crypto analyst Ali Martinez, the number of BTC held on exchanges is now at a five-year low of 2.6 million BTC. Related Reading: Crypto Analyst Identifies Bull Flag That Could Send Solana Price To $1,400 Martinez’s chart reveals an intriguing trend in Bitcoin’s exchange reserves that has unfolded throughout the year.
Even periods of price corrections and selloffs from short-term holders were highlighted by the movement of more BTC into stable long-term hands who are less likely to sell. As a result, the total amount of Bitcoin held on crypto exchanges has dropped by about 450,000 BTC since January, bringing the current reserve to just 2.6 million BTC.
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