According to BlockBeats, a recent report by CryptoQuant reveals that the number of Bitcoin deposit addresses on centralized exchanges (CEX) has dropped to 132,100, marking the lowest level in years. This metric, which tracks the number of addresses sending Bitcoin to exchanges, suggests a decrease in the number of investors selling Bitcoin on spot trading platforms. This reduction could indicate a decrease in selling pressure.
However, CryptoQuant's Head of Research, Julio Moreno, cautions that the decline in exchange deposits might not solely reflect a reduced interest in selling Bitcoin. It could also signify a broader decrease in demand for Bitcoin, as fewer traders are depositing funds to bet on price increases.
