• The Bitcoin balance held on exchange addresses hit the lowest in more than five years.
• The relative quiet in the market suggests that many investors have decided to hold for the long term.

Almost 2000 days after the last lowest exchange balance, Bitcoin [BTC] exchange addresses have recorded a new low in the metric. According to Glassnode, the Bitcoin balance held by exchange addresses reached 2.26 million.

The #Bitcoin Balance held on Exchange addresses continues to hemorrhage, falling to a value of 2.26M BTC, the lowest balance held since Mar-14-2018 (1939 days ago). pic.twitter.com/pZp6G3t8N0

— glassnode (@glassnode) July 5, 2023

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

An occurrence like this suggests that many holders were not willing to sell BTC yet despite the positive yields registered recently. Needless to say, over the last 30 days, the king coin’s value has increased by 19.90%.

While mild profit-taking has led to a fall below $31,000, most holders did not see the reason to send into exchanges in a bid to sell.

Out to see it to the end

On looking at the exchange withdrawal price per year, the on-chain analytic platform showed that BTC’s realized price was $25,627. This implied that holders have been

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Author: Victor Olanrewaju

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