Investors are withdrawing Bitcoin and Ethereum from exchanges.
The percentage of Bitcoin on centralized exchanges (CEXs) has dropped to its lowest level in 8 years, while Ethereum has reached its lowest level in 10 years.
This means:
– More Bitcoin and Ethereum are moving to decentralized finance (DeFi).
– The infrastructure for Web3 (cold wallets, decentralized exchanges, and personal wallets) is gaining momentum.
– The supply from exchanges is shrinking = increased upward pressure on price.
