Cryptocurrency analyst Axel Adler recently stated that the current amount of Bitcoin being withdrawn from exchanges exceeds the amount being deposited, suggesting that investors are leaning towards storing Bitcoin in cold wallets for long-term holding rather than actively trading, which could be a bullish signal. (Background: Ahead of the US! Former German Finance Minister suggests that Europe and the German central bank should include Bitcoin in their reserves) (Additional context: Will the US 'Bitcoin Strategic Reserve' be realized by 2025? These key time points are worth noting) Bitcoin has been continuously correcting since it reached an all-time high of $108,365 on December 17, and last night (30th) around 11:00 PM it faced strong selling pressure again, breaking below $92,000, hitting a low of $91,540. Although it briefly rebounded to $95,000, it quickly fell back again, closing at $92,192 before the deadline, down 1.45% in nearly 24 hours. MicroStrategy adds another $209 million in Bitcoin However, amid the weak performance of Bitcoin, Michael Saylor, the founder of MicroStrategy, the dominant holder of Bitcoin among US public companies, tweeted later that night (30th) that MicroStrategy had again purchased 2,138 BTC for a total price of $209 million, with an average price of about $97,837, showing no concern that BTC might have reached a temporary high. MicroStrategy has acquired 2,138 BTC for ~$209 million at ~$97,837 per bitcoin and has achieved BTC Yield of 47.8% QTD and 74.1% YTD. As of 12/29/2024, we hodl 446,400 $BTC acquired for ~$27.9 billion at ~$62,428 per bitcoin. $MSTR https://t.co/58aXM7g6u2 — Michael Saylor (@saylor) December 30, 2024 According to the latest data from bitcointreasuries, after this purchase, MicroStrategy's Bitcoin holdings have reached 446,400 BTC, with a total cost of $27.9 billion, and an account floating profit of about $13 billion. (Just this year, MicroStrategy has spent $22 billion to buy 257,250 BTC.) Analyst: Net inflow of Bitcoin from exchanges hits a new low Regarding whether Bitcoin will continue to fluctuate below $90,000, cryptocurrency analyst Axel Adler stated that although the recent correction has raised concerns among investors about market uncertainty, the net inflow-to-reserve ratio of Bitcoin on exchanges is giving positive signals — this indicator shows that the amount of Bitcoin being withdrawn from exchanges exceeds the amount being deposited, suggesting that investors are more inclined to store Bitcoin in cold wallets for long-term holding rather than active trading, which usually indicates a price increase. Bitcoin exchange reserves hit a new low. Source: Coinglass Additionally, the analyst stated that historically, this indicator reached a significant peak at the end of the bear market in 2022, when some truly smart money actively transferred Bitcoin to wallets for storage, marking the bottom of that bear market and laying the foundation for the subsequent bull market. Therefore, the analyst noted: Observing the current market conditions, this indicator shows a trend similar to previous ones. Although recent volatility has been high and Bitcoin seems unlikely to break through the $100,000 barrier again, as exchange reserves steadily decline, the upward momentum in the market is building, which could support future bullish prospects. Key support for Bitcoin at $90,000 Although the analyst maintains a long-term bullish sentiment on Bitcoin, he also pointed out that in the short term, if Bitcoin cannot rebound above $100,000, it may continue to decline due to a lack of upward momentum, with the critical support level at $90,000. If strong support is found around $90,000, Bitcoin could see a new round of increases; however, if it loses the $90,000 mark, deeper corrections may be on the way, and the entire cryptocurrency market may face more severe pullbacks. Related reports: MicroStrategy holds a special shareholder meeting: pushing for additional stock issuance, raising $42 billion over the next three years to buy BTC. The strongest salesman) MicroStrategy's Michael Saylor suggests Amazon CEO Bezos purchase $600 million in Bitcoin. Wall Street analysts: MicroStrategy is expected to be included in the S&P 500 next year, stabilizing the Bitcoin flywheel effect? "Bitcoin plunges to $91,500! Analyst: Exchange BTC reserves hit a new low 'suggesting bullish', $90,000 is key support." This article was first published in BlockTempo (the most influential blockchain news media).

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