According to CryptoQuant data, Bitcoin’s exchange reserves have dropped to a level not seen since early 2021, indicating a shift in holder behavior toward long-term storage alternatives.
over 90,700 bitcoins have been withdrawn from key exchanges during the last month, indicating a decrease in liquid supply. This trend is consistent with the digital asset’s price explosion, ETF approvals, and expectation of the halving event.
Despite the decreased supply, Glassnode indicates a change from long-term to short-term holders, which may be caused by rising pricing and profit-taking. Short-term holder supply has increased by around 1.12 million bitcoins, mitigating selling pressure from long-term holders.
Bitcoin’s price has risen 3.68% in the last 24 hours, trading at $68,745, but remains 10% below its all-time high. Kurt Wuckert Jr. of CoinGeek likens Bitcoin to gold and currency, emphasizing its resistance to regulatory coercion.
Despite regulatory obstacles, Ordinals Wallet CEO Joshua Petty is hopeful about Bitcoin’s future, predicting that it may evolve or play a role as digital cash.
