The total BTC holdings of exchanges are similar to 2018.

Source: MacroMicro

The recent total BTC holdings of exchanges are similar to a moment when the BTC price touched the new ATH(All Time High) in the end of 2017.

The total BTC holdings of exchanges had shown uptrend until 2020. Since 2020, it's been decreasing. Definitely, this trend is different to the last decade. What does it mean? 🤔

In Mar 2020, the total BTC holdings of exchanges were around 3.1m BTC. Now, it's 2.3m BTC, which means about 800k BTC were moved from exchanges to individual wallets.

I think the reasons could be that people recognized that exchanges are not safe from some incidents of exchanges such as Mt.Gox, FTX, etc.

Or, it could be institutional investors such as Fidelity Digital Assets, Grayscale, etc. started acuumulating BTC. To control BTC, it'd be better for them to hold in their private wallets.

Let's think about BTC miners. To sustain their businesses, they should sell BTC in exchanges to secure liquidity for their money flow. So, I think most miners transfer some mined BTC to exchanges. It could be a factor that can increase the total BTC holdings of exchanges.

In the recent 3 years trend is definitely differnt to the last decade. It could be someone or some institutions move BTC from exchanges to private wallets. It seems that a revolution is coming 🥹 All of us would be the witnesses for this phenomenon.