Analyst: The Number of Addresses Depositing Bitcoin to Exchanges Has Been Steadily Declining Since 2022
CryptoQuant analyst @AxelAdlerJr posted data on social media indicating that since 2022, the number of addresses depositing Bitcoin to exchanges has been steadily declining: the 30-day moving average has currently dropped to 52,000 addresses, while the 365-day average level is 71,000 addresses. Meanwhile, over the past decade, the most common distribution was around 92,000 addresses, with the current number of addresses equivalent to the level in December 2016. This trend is inherently bullish because investors have reduced Bitcoin sales by fourfold over the past three years. Essentially, this represents a growing HODL sentiment, which significantly decreases selling pressure and lays the foundation for further growth.
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