The most recent data shows that Bitcoin (BTC) exchanges have less BTC to buy than at any time since early 2018.
On-chain analysis company glass node confirms that as of February 2023, foreign exchange reserves are at a five-year low.
“Wild stat” shows the maturation of the Bitcoin supply
The latest statistics reflect the determination of Bitcoin hodlers as BTC balances on major exchanges are in “down only” mode.
As of February 27, the latest date for which data is available, the platforms tracked by Glassnode held a combined total of 2,272,798 BTC.
It was March 2018 when the number was previously this low, with March 2020 representing the current all-time high of 3,202,326 BTC.
After the COVID-19 cross-market crash, foreign exchange reserves began to fall, accelerating during the 2022 bear market to be 29% lower today.
Meanwhile, the impressive numbers don’t end there.
As noted According to William Clemente, co-founder of Bitcoin-focused research firm Reflexivity, exchange balance lows mean they now hold less BTC than older hodler addresses.
“There is now more Bitcoin that hasn’t moved in at least 10 years than on exchanges. Wild statistic,” he commented on February 28.
Glassnode’s data also puts the total BTC inactive for ten years or more at 2,645,956 BTC, 16% more than the exchange’s total balance.
Don’t panic sell here
As Cointelegraph reported, hodlers have increased their resilience in 2023 after weathering a brutal bear market last year.
Related: BTC Whale Population Drops To Early 2020 Levels: 5 Things To Know In Bitcoin This Week
Even as BTC price action moved higher, the hold continued, with limited selling combined with increasing exposure.
That trend shows little sign of reversing at current levels, with hodlers’ combined net position change hitting four-month highs this weekend.
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