The latest data shows that fewer BTC can be bought on Bitcoin (BTC) exchanges than at any time since the beginning of 2018.
Network analytics firm glass knot confirms that, as of February 2023, foreign exchange reserves are at a five-year low.
‘Wild stats’ show bitcoin supply maturation
The latest statistics reflecting the determination of bitcoin holders, BTC balances on major exchanges are in “only down” mode.
As of February 27, the latest data available, the platforms monitored by Glassnode held 2,272,798 BTC.
It was in March 2018 when the number was so low that March 2020 represents the current all-time high of 3,202,326 BTC.
Since the COVID-19 cross-market crash, foreign exchange reserves have started falling since then, accelerating in the 2022 bear market and are now 29% lower.
Meanwhile, the impressive numbers do not end there.
How marked According to William Clemente, co-founder of bitcoin research firm Reflexivity, the exchange’s low balance means they now hold less BTC than the address of the oldest hodler.
“There are now more bitcoins that have not moved in at least 10 years than there are on exchanges. Wild statistics,” he commented on February 28.
Further data from Glassnode shows that the total amount of BTC now inactive for a decade or more is 2,645,956 BTC, which is 16% more than the total balance of the exchange.
No panic selling here
As Cryptooshala reported, hodlers have increased their resilience in 2023 after weathering a brutal bear market last year.
BTC Whale Population Drops to Early 2020 Levels – 5 Things to Know About Bitcoin This Week
Even as the price of BTC began to move higher, the hodling continued, with limited selling combined with increased risk exposure.
This trend is showing little sign of a reversal at current levels, with the cumulative change in net hodlers’ position hitting a four-month high this weekend.
The views, thoughts and opinions expressed here are those of the authors only and do not necessarily reflect or represent the views and opinions of Cryptooshala.
Credit : cointelegraph.com
