Despite New ATH, Bitcoin Exchange Reserves Continue To Decline
Despite the fact that Bitcoin has made a new ATH above $66,000, the exchange reserves have continued their trend of decline.
Bitcoin All Exchanges Reserve Continues To Go Down
As pointed out by a CryptoQuant post, the Bitcoin all exchanges reserve continues to show a downtrend despite the crypto making new all-time highs (ATHs).
The all exchanges reserve is a BTC indicator that tells us the total amount of coins deposited on centralized exchange wallets.
When the value of the metric shows an increase, it means investors are sending more of their Bitcoin to exchanges. This could imply that there is a selling pressure in the market as holders usually move their crypto to exchanges for withdrawing to fiat, or for purchasing altcoins with them.
Decreases in the indicator, on the other hand, suggest the supply for BTC is shortening as investors are taking their coins off exchanges. Such a trend could mean there is a buying pressure in the market and may prove to be bullish for the price.
Here is a chart that shows the trend in the Bitcoin all exchanges reserve indicator over the past couple of weeks: