Bitcoin holders are accumulating more BTC as exchange holdings hit yearly lows and inactive BTC supply reaches all-time highs, according to on-chain data.
Inactive BTC Supply At All-Time High
According to Glassnode’s chart, inactive BTC sitting in addresses for more than 1, 3, and 5 years has hit record highs since July 2023.
According to CoinMarketCap’s Bitcoin analytics, 36.8 million BTC wallet addresses, or 69%, have held BTC for over a year.
CryptoQuant charts indicate a steady decline in Bitcoin outflows from exchanges since July 2021, leaving just over 2 million BTC on exchanges.
The CoinGlass Bitcoin exchange tracker displays the circulating BTC held by major centralized exchanges.
Ranking first is Binance which has 543,281 BTC but has seen 21,645 BTC withdrawn in the last month.
Coinbase currently holds 435,530 BTC, ranking second in the list. Additionally, the US-based exchange experienced a withdrawal of 3,612 BTC in the last 30 days.
OKX recorded the only significant Bitcoin inflow in the top 10 exchanges, with 4,630 BTC moved onto the platform in the last 30 days.
Bitcoin’s value is predicted to soar by market analysts with the forthcoming mining reward halving in 2024.
While investors keep moving their Bitcoin out of centralized exchanges, the total supply of inactive BTC has maintained its all-time high in a one-year, three, and five-year time frame.
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