Bitcoin's exchange supply is nearly at its lowest level in five years.

The exchange supply data is a very good representation of investors' risk appetite. When investors collectively feel ready to sell, the exchange's $BTC supply often rises.

It is clear that whether in 2021 or 2024, when Bitcoin's price starts to rise, more BTC begins to accumulate on exchanges, as investors prepare to find the best opportunity to exit. At this time, more investors still consider Bitcoin primarily as a financial investment.

Sell high, buy low.

However, since July 2024, regardless of whether Bitcoin's price rises or falls, investors are generally removing BTC from exchanges. This also indicates that more investors are losing interest in short-term selling and increasing their positive outlook on $BTC in the long term.

Even up to now, there has not been a significant accumulation. It is important to note that those who genuinely want to sell will largely put their assets on exchanges, while those withdrawing from exchanges to the chain are often not planning to sell in the short term.

It can be said that the less Bitcoin there is in exchange supply, the more confident long-term investors become.

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