$BTC Bitcoin (BTC) on track to $100,000 and exchange inflows hit a 7-year low

The unique wallet addresses sending BTC to exchanges have dropped more than 60% in the last month, strengthening bullish market sentiment.

On-chain data, including the rising Taker Buy Sell Ratio on Binance, and technical indicators like the Elder-Ray Index, point to increasing demand.

According to on-chain data from CryptoQuant, the number of unique wallet addresses sending BTC to exchanges has fallen to its lowest level since 2017. It currently stands at 19,282 addresses, down over 60% in the last month.

This metric, commonly interpreted as a measure of selling pressure, suggests that fewer investors are looking to offload their holdings, reinforcing the current bullish sentiment in the BTC market. Historically, low inflows to exchanges like this have coincided with periods of strong price performance.

The reduction in selling activity adjusts the supply of the coin on trading platforms, increasing the value of BTC. Additionally, the rise in the Taker Buy-Sell Ratio of BTC on the leading cryptocurrency exchange Binance adds to this bullish narrative.

In a new report, CryptoQuant analyst Amr Taha noted, “the latest data shows a sharp increase to 1,142, the highest level in this range.” This metric measures the ratio of executed buy orders against sell orders in the futures market.

A taker buy-sell ratio below one indicates that more sell orders are being executed, suggesting a shift in market sentiment from bullish to bearish. When this ratio is above one, there are more buy orders than sell orders.

This indicates that more market participants are aggressively buying BTC rather than selling it, suggesting a demand-driven market. The increase in the ratio on Binance is particularly significant.