Bitcoin's long-term prospects look...
, a CryptoQuant analyst, the declining exchange reserves for Bitcoin are a positive indicator. As more people and institutions acquire and hold the king coin, the available supply on exchanges decreases, thus increasing its scarcity.
When holders withdraw their coins from exchanges and store them in personal wallets, it shows confidence in Bitcoin’s future and reduces selling pressure.Additionally, the percentage of Bitcoin held by long-term holders was similar to previous cycles. The similarity in the percentage of Bitcoin held by long-term holders in previous cycles suggested stability for the coin.
Thus, a significant portion of investors were adopting a long-term perspective and holding onto their assets. These long-term holders were also less likely to engage in short-term trading or panic selling, contributing to the overall stability of the cryptocurrency’s price.
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