📉 Bitcoin (BTC) reserves on centralized exchanges have fallen to levels seen in early January 2018, according to a weekly report from cryptocurrency exchange Bitfinex. There are currently only 2.03 million BTC on exchanges. Bitfinex has noticed a correlation between declining reserves on exchanges and rising cryptocurrency prices, suggesting the market could be on the verge of a bullish rally. 🐂

BTC reserves on exchanges have been declining since peaking in March 2020, when the value of the asset began to rise. Many market indicators show that long-term and short-term investors are in the HODL phase and are willing to hold their assets for longer periods.

12-18 month offer holders are in a position to profit from a portion of their assets, however the offer of long and short term holders remains inactive. Bitfinex considers this a sign that investors across the spectrum are confident that BTC will not fall much from its current price.