CryptoQuant analyst: The number of addresses depositing Bitcoin to exchanges has been steadily declining since 2022

CryptoQuant analyst @AxelAdlerJr posted data on social media, stating that since 2022, the number of addresses depositing Bitcoin to exchanges has been steadily decreasing: the 30-day moving average is currently down to 52,000 addresses, while the 365-day average is 71,000 addresses. At the same time, the most common distribution over the past 10 years has been around 92,000 addresses, and the current number of addresses is equivalent to the level in December 2016.

This trend itself is bullish, as investors have reduced the selling volume of Bitcoin by 4 times in the past three years. Essentially, this represents a stronger and stronger HODL sentiment, which significantly reduces selling pressure and lays the foundation for further growth.