The latest data shows that Bitcoin (BTC) exchanges have less BTC to buy than at any time since early 2018.
On-chain analytics firm Glassnode confirms that as of February 2023, exchange reserves are at five-year lows.
“Wild Stat” Shows Maturing Bitcoin Supply
The latest statistics reflect the determination of Bitcoin hodlers, as BTC balances on major exchanges are in “down only” mode.
As of February 27, the latest date for which data is available, the platforms tracked by Glassnode held a combined total of 2,272,798 BTC.
It was in March 2018 that the number was previously this low, with March 2020 representing the current all-time high of 3,202,326 BTC.
After the COVID-19 market crash, exchange reserves began to fall, accelerating through the 2022 bear market to sit at 29% lower today.
The impressive figures, meanwhile, do not end there.
As points William Clemente, co-founder of Bitcoin-focused research firm Reflexivity, low exchange balances mean they now hold less BTC than older hodler addresses.
“There is now more Bitcoin that hasn’t moved in at least 10 years than on exchanges. A wild statistic,” he commented on Feb. 28.
Glassnode’s data also puts the total BTC inactive for ten years or more at 2,645,956 BTC, 16% more than the total balance of exchanges.
No panic selling here
As Cointelegraph reported, hodlers have intensified their resistance in 2023 after weathering a brutal bear market in the past year.
Even as BTC price action headed higher, the hodling continued, with limited selling combined with increasing exposure.
That trend shows little sign of reversing at current levels, with hodlers’ combined net position change hitting four-month highs this weekend.
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