Bitcoin hits a 5-year low in exchange reserves, boosting bullish sentiment with 94% of holders in profit and a surge on unrealized profits.
BTC reserves on exchanges have fallen to their lowest levels since 2017, according to CryptoQuant data. Historically, plummeting exchange reserves pointed to an increasing buying pressure.
This reflected surging confidence in the market, with more holders holding onto their profits—a snowballing effect of reduced selling pressures and growing bullish sentiments for Bitcoin.AMBCrypto’s analysis of IntoTheBlock revealed that a whopping 94% of Bitcoin holders were in profit at press time. This created a bullish undertone in the market.
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