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<p class="is-style-lead">Despite Bitcoin’s price correction 287 days after its most recent halving event, on-chain metrics suggest fundamentals remain strong.</p>
<p>Analyst <a href="https://x.com/thelordofentry/status/1845400158269305107" target="_blank" rel="noopener noreferrer nofollow">TheLordofEntry</a> has shared insights into key indicators that show a rise in continued demand and strong holder behavior. This strength is despite the recent short-term volatility.</p>
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   <p lang="en" dir="ltr">Bitcoin reserves on exchanges hit an ALL-TIME LOW! 📉<br><br>Bitcoin reserves on exchanges have continued to decline, suggesting that investors are opting to hold rather than sell. <a rel="noopener noreferrer nofollow" href="https://t.co/jrefZIrtdM" target="_blank">pic.twitter.com/jrefZIrtdM</a></p>— TheLordofEntry (@thelordofentry) <a href="https://twitter.com/thelordofentry/status/1845400184462663989?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 13, 2024</a>
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<h3 class="wp-block-heading" id="bitcoin-exchange-reserves-hit-all-time-low">Bitcoin exchange reserves hit all-time low</h3>
<p>One of the most important fundamentals is the drop in Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) reserves on cryptocurrency exchanges to an all-time low.</p>
<p>This trend indicates that investors are increasingly choosing to hold their BTC rather than keep it on exchanges for potential selling. The decline in exchange reserves is often interpreted as a bullish signal. This is also a potential signal of a reduction in immediate selling pressure.</p>
<p>The analyst highlighted that active addresses and transaction volume on the Bitcoin network remain high. This denotes sustained on-chain activity despite the price correction.&nbsp;</p>
<p>TheLordofEntry also highlighted major changes in the derivatives market. As per the data shared by the analyst, derivative market positions have decreased substantially, indicating a reduction in leverage among traders.&nbsp;&nbsp;</p>
<p>You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/aptos-surges-20-percent-24-hours-6-month-high/"> Aptos surges 20% in 24 hours, open interest reaches 6-month high </a></p>
<h3 class="wp-block-heading" id="long-term-holders-continue-scooping-up-bitcoin">Long term holders continue scooping up Bitcoin</h3>
<p>Investor behavior pinpoints that long-term holders are continuing to accumulate BTC. In contrast, short-term holders are exhibiting signs of selling.&nbsp;&nbsp;</p>
<p>The analyst suggests that long-term trends might remain positive, based on the accumulation patterns of seasoned investors and the declining exchange reserves.</p>
<p>Bitcoin has struggled to maintain its positive trajectory ever since it hit a new all-time high of $73,700 in March. Even though BTC managed to climb back to the $65,000 level, several market conditions dragged the price below the $60,000 level.</p>
<p>BTC is now hovering in the $62,600 level at press time as the global crypto market cap is down by over 1.6% in the last 24 hours.</p>
<p>Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/vitalik-buterin-popcat-other-meme-coins-makes-2-24m/"> Vitalik Buterin dumps Popcat and other meme coins, makes $2.24m </a></p>

Bitcoin reserves on exchanges plunge to all-time low, fundamentals remain strong

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