Hello HODLers!

Today we are going to take a look at what is happening "on chain", in particular by analyzing how the Exchanges are behaving in this phase of the market.

As we know, exchanges play a fundamental role in the buying and selling (especially the sale) of bitcoin and other crypto. Increasing Bitcoin held on exchanges is typically associated with greater selling pressure, as people typically move BTC to exchanges to sell them.
While the holding of bitcoin outside, eg cold wallet, implies zero sales pressure.

EXCHANGE RESERVE

The reserves on exchanges have been continuously decreasing for over a year.
We can interpret this as a positive sign as the money supply is getting smaller and smaller.
In the long run, the “supply shock” phenomenon could occur, obviously if demand returns to the market 🤝

EXCHANGE NET POSITION CHANGE

It shows us the difference between outflow and inflow regarding exchanges.
To date we have reached levels of outflow never seen for about 2 years.
When the price is relatively low and we see such values ​​this can portend a possible important accumulation 😏

DEPOSITS AND WITHDRAWALS

As a last graph I want to show you the difference between deposits and withdrawals.

We can see very well that in the last period withdrawals are gaining the upper hand at the expense of deposits (continuously decreasing).

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