On-chain data shows that Bitcoin (BTC) holders are accumulating Bitcoin, with the exchange holdings dropping to a yearly low, while the percentage of inactive Bitcoin supply is at a historical high.

According to Glassnode's chart of Bitcoin's final active supply, the inactive Bitcoin that has not been transferred from an address for over one, three, and five years has been at a historical high since July 2023.

CoinMarketCap's Bitcoin analysis also corroborates these indicators, tracking wallet addresses based on the length of time they have held BTC. It is estimated that 69% (approximately 36.8 million addresses) have held BTC for over a year.

CryptoQuant's chart also reveals the outflow of Bitcoin from exchanges. Since July 2021, the amount of Bitcoin flowing out of exchanges has steadily decreased, with the remaining Bitcoin on exchanges currently totaling just over 2 million.

The CoinGlass Bitcoin exchange tracker provides a breakdown of circulating BTC held by major centralized exchanges.

Binance tops the list with approximately 543,281 BTC on its books, but the exchange has seen a significant outflow of Bitcoin in the past 30 days, with 21,645 BTC withdrawn last month.

Coinbase Pro holds 435,530 BTC, ranking second on the list. This U.S.-based exchange has also seen 3,612 BTC withdrawn from its platform in the past 30 days.

OKX is the only exchange among the top 10 that has seen a significant inflow of Bitcoin in the past 30 days, with 4,630 BTC flowing into the platform in the last month.

Market commentators and analysts have made high predictions about the potential value of Bitcoin, with much anticipation for the upcoming halving of mining rewards set to take place in 2024.

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