The price of Bitcoin keeps going up because there is only a limited amount of it available and more people want to buy it. This makes the Bitcoin chart go up all the time.
Even though the price of Bitcoin dropped to $15,000 because of FTX’s bankruptcy during a bad time for the market, more and more people are still wanting to buy Bitcoin every day.
We can see that more people want Bitcoin because there are more Bitcoin in the exchanges now.
Even though Bitcoin is not as high as its highest price in November 2021, some people still believe in it and are buying it.
Based on CryptoQuant’s data, the amount of Bitcoin kept in exchanges went up for about 10 years but then it stopped increasing.
So, in 2020, more people were putting their BTC into exchanges to trade or sell.
However, things have changed since the end of 2020. The amount of Bitcoin held on exchanges has dropped by 32% in the past three years, from about 3 million to a lower number.
The data shows that there are about 2. 04 million BTC in the exchange reserves right now.
When people take their Bitcoin off exchanges and put it in their own wallet, it means they don’t want to sell it right away. But when people put their Bitcoin into an exchange, it usually means they want to sell it.
Experts believe that investors are keeping their BTC instead of selling it because they think the value will go up in the future.
Experts say that the decrease in BTC reserves shows that investors are expecting the price of BTC to go up.
This is not a suggestion or help for investing.