CryptoQuant Analyst: The number of Bitcoin deposit addresses on exchanges has dropped to a historical low, which could be a bullish signal

On July 23, CryptoQuant analyst Axel Adler Jr wrote that the latest on-chain data showed that the number of Bitcoin deposit addresses on exchanges has dropped significantly, reaching a low of 25,000. This is a key signal that may indicate a shift in investors' strategies for holding Bitcoin. According to its analysis, the reduction in the number of addresses where investors are ready to sell Bitcoin indicates that most holders prefer to keep their assets in anticipation of further price increases. From a behavioral economics perspective, the current trend may reflect the increased confidence of Bitcoin investors. This change in behavior may be driven by factors such as increased institutional investment in cryptocurrencies. It also said that the decline in the willingness to sell assets may lead to a reduction in the supply of Bitcoin on the market, which may lead to higher prices as demand stabilizes or increases, which is undoubtedly a bullish signal for the market.