Bitcoin's price is fluctuating around $80,000—has selling pressure increased? Just yesterday, I was chatting with friends about exchange reserve data. When I checked again today, I noticed that the amount of Bitcoin held on exchanges has dropped below 15% of the current circulating supply. Even as BTC's price broke above $80,000 and then pulled back, there was no noticeable increase in the amount of BTC held on exchanges. This indicates that whether Bitcoin's price is above $80,000 or below $80,000, many holders are still holding onto their BTC rather than transferring it to exchanges to sell. As we all know, BTC (native) cannot be directly traded on-chain, and even cross-chain Bitcoin trading volume on-chain is very low. The vast majority of transactions happen on exchanges. So, while a decline in exchange reserves doesn’t necessarily mean Bitcoin’s price will rise, it does suggest that more investors are not interested in selling their BTC. Right now, we’re in such a phase, and it’s been lasting for quite a while. More BTC is being transferred to long-term, high-net-worth investors.