Santiment: The proportion of Bitcoin reserves on exchanges has fallen to the lowest level since November 2017
On March 14, the on-chain analysis platform Santiment stated on platform X that, according to traceable wallet data, the proportion of Bitcoin currently held on exchanges has dropped to the lowest level since November 2017.
Santiment pointed out in a tweet that since 2017, over the past more than eight years, both the crypto market and the global macro environment have undergone significant changes.
A continuous decline in the proportion of Bitcoin reserves on exchanges often indicates that current investors are valuing BTC's long-term potential over short-term fluctuations.
It is worth noting that the last time this indicator fell to the current level was back in November 2017, when Bitcoin's price was only around $16,400.
Although history does not simply repeat itself, this data at least indicates that investors are "moving" Bitcoin off exchanges rather than preparing to sell.
As the selling pressure of circulating BTC on exchanges decreases, it indicates that the current market is in an accumulation phase, further reinforcing investors' long-term bullish expectations.