📉 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.
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.