The steady decline in Bitcoin reserves across all crypto exchanges indicates that we are likely in the middle of a sustained bull run. Some market participants who have not properly accumulated Bitcoin earlier are likely doing so now, realizing that this is likely the last downward correction before another upward price surge.
The current situation is roughly reminiscent of the period from March to November 2020, when exchange reserves declined. Then, in December 2020, when inflows to exchanges began to increase, Bitcoin experienced upward buying pressure, leading to a new price high in a short time.
Written by BaroVirtual
