📈 Last Week's Data Observation
According to the weekly report from the on-chain data platform Glassnode, last week (from August 4 to August 10), there was a significant net outflow of approximately 25,000 Bitcoins (BTC) from major exchanges. Meanwhile, the supply of Bitcoin controlled by 'Long-Term Holders' (addresses holding Bitcoin for more than 155 days) reached a historic high, accounting for 76.5% of the total circulating supply.
🤔 Market Interpretation
The decline in exchange reserves is usually interpreted by the market as a positive signal. This indicates that investors tend to transfer Bitcoin from exchanges to private wallets for long-term storage, rather than leaving it on the market ready for immediate sale, which reduces potential selling pressure.
The historic high in the supply of long-term holders further reinforces this viewpoint. This shows that even in the face of recent market volatility, seasoned investors have not sold off, but rather continued to accumulate, indicating a strong trend of hoarding and confidence among holders.
💡 Action Recommendation
For investors, these two indicators point to strong market fundamentals. While this does not guarantee an immediate price increase, it reveals that the 'smart money' in the market is accumulating positions. This can be seen as an important reference for assessing the medium to long-term trend in the market, and it’s essential to monitor whether the price can effectively break through key resistance levels to confirm the strength of this potential buying interest.
With the decline in exchange reserves and long-term holders reaching new highs, do you think this is a clear bull market signal? Or does the market need more catalysts?