BTC sitting on exchanges, is it an indicator of where the price is headed? Not this summer, at least. 📊 Since May 11, exchanges have gained about 45,000 BTC, up roughly 3%. Coins arriving is usually read as bearish. 📉 Price did the opposite, then undid it. Down from about $81,700 to $58,562 on Jun 30, back to about $78,700 today, roughly where it started. 🔒 The float barely moved. Four months inside a band of about 54,000 coins, roughly 4% of the exchange-held total, while price swung 40% low to high. 🧭 Many factors moved BTC this summer. The exchange balance was not one of them. Exchange balance is a popular metric. This summer, however, it just wasn’t a good price predictor. 🔗 Explore BTC exchange supply in Sanbase: https://app.santiment.net/charts/eth-and-btc-supply-on-exchanges-32060?utm_source=x&utm_medium=post&utm_campaign=btcfloat_090826&aff=33(Santiment Intelligence)