$BTC Balance on Exchanges

[dragonvslinux]

Looks like proof of keys at the start of january was a null event then... (tiny spike down I think).

Not so sure about that, proof of keys isn't about January 2nd, it's about raising awareness about holding your own private keys instead of holding Bitcoin on exchanges.
Since the start of the year, BTC held on exchanges has dropped significantly. Maybe this is part of the ripple effect of this movement?

Maybe it shows people are willing to HODL for at least another year in preparation for the supposedly inevitable bull run. You know, not your keys, not your bitcoin.

[1715071805]

1715071805

[exstasie]

Not so sure about that, proof of keys isn't about January 2nd, it's about raising awareness about holding your own private keys instead of holding Bitcoin on exchanges.
Since the start of the year, BTC held on exchanges has dropped significantly. Maybe this is part of the ripple effect of this movement?

That seems like a stretch.

The peak in exchange holdings coincided with the peak in price. Seems like a clear case of heavy supply coming in. Then strong hands accumulated, during and after the crash. They've been withdrawing their coins.

[Tytanowy Janusz]

2 650k BTC - 2 900k BTC this is only 10% range (or 1.4% of bitcoin supply). Its not that much of fluctuation to draw far-reaching conclusions.

2 900k BTC out of 18 430K BTC = 15,74%

2 650k BTC out of 18 430K BTC = 14,37%

Not a big change.

But if I had to estimate what is a reason i would go with:

1- bitcoin is boring, stable at 9000 for 2,5 months, whoever wanted to buy/sell at these levels already did that. And we can observe that by declining volume.
2- Futures and options are getting more and more popular.


And that's all. All other aspects are negligible in my opinion.

Edit:


https://studio.glassnode.com/metrics?a=BTC&m=distribution.BalanceExchangesAll

Zomming out - this is only a small correction