Recent on-chain data reveals a compelling narrative in the world of Bitcoin (BTC) as holders continue to accumulate the digital asset. The statistics depict a scenario where exchange holdings have plummeted to yearly lows, while the proportion of dormant BTC supply has surged to unprecedented levels.
Glassnode’s Bitcoin supply last active chart highlights this trend, showcasing that the amount of inactive BTC, untouched in addresses for one, three, and even five years, has reached historic highs since July 2023.
These findings resonate with Bitcoin analytics from CoinMarketCap, which tracks wallet addresses based on the duration of BTC holding. Remarkably, a staggering 69% of addresses, equivalent to 36.8 million, have maintained their BTC holdings for over a year.
CryptoQuant’s data further reinforces this trend by indicating a consistent decline in Bitcoin outflows from exchanges since July 2021.
Currently, a meager 2 million BTC remains on various exchanges, reflecting a substantial decrease over time.
For a more granular view, the CoinGlass Bitcoin on exchanges tracker dissects the circulating BTC holdings among major centralized exchanges.
Leading the pack is Binance, boasting 543,281 BTC on its platform. However, it’s worth noting that Binance has experienced a notable exodus of Bitcoin in the past month, with 21,645 BTC withdrawn.
Coinbase Pro secures the second position with a BTC balance of 435,530.
READ MORE: Cryptocurrency Market Sees Bullish Momentum Amidst Bitcoin’s Recovery
Similar to Binance, this U.S.-based exchange has witnessed 3,612 BTC being withdrawn over the last 30 days.
Interestingly, OKX stands out as the only exchange in the top 10 to have observed a substantial inflow of Bitcoin in the same period, with 4,630 BTC flowing onto its platform.
The broader context of these developments involves market commentators and analysts making bullish predictions about Bitcoin’s potential value.
These sentiments are fueled by the anticipation of the highly-awaited mining reward halving, scheduled for 2024.
As Bitcoin holders increasingly opt to store their assets securely in non-exchange wallets, the crypto community is left to speculate on the potential for further price appreciation in the coming years.
These accumulating patterns suggest a strong belief in Bitcoin’s long-term value and utility as a digital store of wealth.
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