• BTC’s Exchange Depositing Addresses indicator has trended downwards in the past few weeks.
• Investors were not interested in selling their BTC holdings.

As Bitcoin’s [BTC] price lingers in the $30,000 region, the downtrend in the coin’s deposits on cryptocurrency exchanges hints at a decline in interest in selling the leading crypto asset, pseudonymous CryptoQuant analyst Tarekonchain, found in a new report.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

Tarekonchain assessed BTC’s Exchange Depositing Addresses indicator and found that since the peak of the last BTC cycle, the indicator has trended downwards. This indicator is commonly used to assess the activity and liquidity of assets on exchanges. 

When an asset’s Exchange Depositing Addresses indicator trends upward, it suggests that more participants in the market are actively depositing and trading the cryptocurrency on exchanges. Conversely, a fall indicates a decreased interest in trading that particular asset.

In the current BTC market, Tarekonchain noted:

“Exchange Depositing addresses indicator has reached its lowest bottom level, indicating that investors are showing minimal interest in moving their Bitcoin assets to exchanges. This behavior can be interpreted as a sign that investors perceive the current price as favorable for holding and accumulating Bitcoin in their wallets.”

Hold on, soldier!

A look on-chain at BTC’s exchange activity co

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Author: Abiodun Oladokun

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