Bitcoin reserves on Binance have been steadily declining since August, reaching their lowest level since January. This decline is reminiscent of the beginning of the year when Bitcoin surged 90%. Interestingly, Bitcoin is currently at a record high of around $108k.

The decline in reserves on Binance shows investor confidence in Bitcoin’s long-term prospects. They are choosing to withdraw their assets from the exchange rather than sell them in the short term.

These withdrawal periods are often a sign of positive momentum developing in the market, even though the overall market conditions remain challenging.