On-chain data shows that Bitcoin (BTC) holders are accumulating Bitcoin, with exchange holdings falling to yearly lows and the proportion of inactive Bitcoin supply reaching an all-time high.
According to Glassnode’s latest activity chart of Bitcoin supply, inactive BTC that have not been transferred from addresses over the 1-, 3-, and 5-year timeframes have been at all-time highs since July 2023.
These indicators are mirrored Through Coinmarketcap’s Bitcoin analysis, wallet addresses are tracked based on how long they have held BTC. It is estimated that 69%, or 36.8 million addresses, have held BTC for more than a year.
Crypto quantization chart It also reflects the steady decline in Bitcoin outflows from exchanges since July 2021, with more than 2 million Bitcoin expected to remain on exchanges.
Coinglass’ Bitcoin listed on exchange tracking device Details the amount of Bitcoin in circulation held by major centralized exchanges.
Binance tops the list with approximately 543,281 Bitcoins, but the exchange has seen significant Bitcoin outflows over the past 30 days. Last month, Binance has withdrawn 21,645 BTC.
Coinbase Pro ranks second with a BTC balance of 435,530 BTC. The US exchange has also withdrawn 3,612 BTC from its platform in the past 30 days.
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OKX is the only exchange in the top ten to record significant Bitcoin inflows over the past 30 days, with 4,630 Bitcoin transferred to the platform in the past month.
Market commentators and analysts have made high predictions about the potential value of Bitcoin, with its fourth highly anticipated halving of mining rewards set to occur in 2024.
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