Bitcoin All Exchanges Reserve Continues To Go Down
As pointed out by a CryptoQuant , the Bitcoin all exchanges reserve continues to show a downtrend despite the crypto making new all-time highs (ATHs).The all exchanges reserve is a BTC indicator that tells us the total amount of coins deposited on centralized exchange wallets.
Bitcoin reserves seem to be trending downward | Source:As you can see in the above graph, while the price of BTC has shot up recently as the crypto makes new ATHs, the indicator’s value has sharply fallen down.
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Below is another chart, this time for the Long-Term Holder SOPR indicator, which shows the degree of realized profits by investors who have owned their coins for more than 155 days.
BTC SOPR has been minimal recently | Source:As you would expect based on the reserves, the long-term holder SOPR has low values right now, showing that long-term investors still haven’t moved to realize their profits.
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Even though BTC has already made new ATHs, it would seem holders are still expecting the price to appreciate further before they begin to harvest their gains.BTC Price
At the time of writing, Bitcoin’s price floats around $65.7k, up 14% in the last seven days. Over the past month, the crypto has gained 51% in value.
Here is a chart showing the trend in the price of BTC over the last five days:Bitcoin's price continues to make new ATHs as the price flies past the $65k mark | Source:
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com