Bitcoin exchange reserves hit another all-time low.
This shows growing popularity of DEXs and cold wallets for storage.
BTC price moves to next key support line at $102,700 price target.
Despite the ongoing price decline of the pioneer crypto asset Bitcoin (BTC), it looks like BTC accumulation is still faring well. To highlight, Bitcoin exchange reserves hit another all-time low. This signals either an increased BTC popularity or perhaps a sign that DEXs may be getting more popular than CEXs due to easy access to educational resources and mainstream adoption easing the minds of the masses.
Bitcoin Exchange Reserves Hit Another All-Time Low
The price of Bitcoin has been steadily declining since the $345 million liquidation in BTC trades led to the BTC price falling from $110,000 to $106,000 and the massive BTC ETF outflow yesterday leading to panic-selling, all contributing to BTC price falling to $103,000 and could fall even further to $100,000 as expected by many analysts. Even high 5-digit prices may be on the horizon for Bitcoin.
However, despite the many panic-selling allegations causing BTC price to decline, Bitcoin exchange reserves have hit yet another all-time low record this bull cycle. This shows that while BTC dips are prevailing, the rate of BTC accumulation is much higher, leaving crypto exchanges facing a massive BTC supply shock, an event that many analysts predicted at the start of this ongoing bull cycle.
Furthermore, as the major bull market phase of the ongoing bull cycle occurs, the BTC accumulation seems to be increasing, leading to an even greater BTC exchange reserve supply shock. What this means is that Bitcoin is preparing to hit much higher, explosively high new ATH prices that could take BTC ATH to $125,000 and even to $150,000 and $200,000 if BTC accumulation continues to increase.
Bitcoin Nears Key Support Range at $102,700
https://twitter.com/Cointelegraph/status/1928526899468206462
As we can see from the post above, the image in the post confirms credible data from CryptoQuant and CryptoRank showing how Bitcoin exchange reserves and continuing to hit historic lows, leading to a monumental occasion where BTC price could enter an explosive range. To highlight, the posy confirms how BTC continues flowing off centralized platforms, signaling long-term accumulation by whales, institutions, and governments that prefer non-custodial storage methods.
https://twitter.com/Washigorira/status/1928489654677848316
This also highlights the popularity of cold wallet options increasing as the primary storage option. Not to mention how traders are becoming more comfortable with a non-custodial wallet and getting familiar with using DEXs over CEXs. Now, analysts set their sights on when BTC price will enter an upward momentum again, and the analyst in the post above says that BTC is approaching key support at the $102,700 price range, where it could set up a solid base before heading towards its next bullish run.
