Reserves on Bitcoin Exchanges Fall to Lowest in a Year
The quantity of Bitcoin currently held on cryptocurrency exchanges has dropped to a new minimum, potentially driving Bitcoin’s next successful attempt to surpass $60,000.
CryptoQuant contributor Gaah stated in a recent analyst report that this decrease in Bitcoin reserves on exchanges could suggest a decrease in selling pressure, potentially creating a favorable environment for a bull market if demand continues to increase.
According to CryptoQuant data, Bitcoin reserves on exchanges have decreased by 12.9% since the beginning of the year, leaving 2.62 million Bitcoin across major crypto exchanges.
Gaah also emphasized that the movement of Bitcoin into cold wallets is typically a sign of long-term commitment from investors and their confidence in the asset’s future price potential.
