💰Bitcoin exchange reserves have reached a 2-year low
Bitcoin (BTC/USD) is trading just above $103,000, but a deeper signal is coming from the supply side: there is less BTC on exchanges than ever in the last two years.
Relying on sustained buying in the futures markets and increasing institutional flows, it seems that a quiet wave of accumulation is underway; a wave that is developing without the usual fanfare.
A decline in reserves typically indicates that users are transferring BTC to long-term storage rather than keeping them on exchanges.
Such a reduction in available supply means that the market is becoming increasingly sensitive to changes in demand, especially if buyers return in large numbers.