According to GlassNode data, BTC reserves on centralized exchanges have reached 2.76 million coins, which is a minimum for the current and previous cycles.
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Key factors:
1. Reduction of reserves:
- The reduction in the number of coins on exchanges is linked to long-term holding of assets by users.
2. Historical parallel:
- In the past, a similar reduction in BTC reserves was accompanied by a significant price increase due to decreased supply for trading.
3. Holder market:
- Participants prefer to store BTC in personal wallets, reflecting their confidence in long-term growth.
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Potential impact on the market:
1. Increased volatility:
- Decreased liquidity on exchanges may amplify price fluctuations.
2. Parabolic growth:
- Limited supply of BTC on exchanges amidst rising demand can trigger a sharp price increase.
3. Dependence on macroeconomics:
- The realization of a positive scenario is only possible in a favorable global economic environment.
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Conclusion:
Minimum BTC reserves on exchanges is a fundamentally positive signal for the market. However, additional triggers are important for realizing potential parabolic growth, including improved macroeconomic conditions and increased institutional interest.