According to a CryptoQuant Quicktake post published today, Bitcoin (BTC) may still be undervalued based on several on-chain metrics. Crypto on-chain analyst BorisVest explained that data suggests bullish sentiment remains intact for the leading cryptocurrency.
On-Chain Metrics Suggest Bitcoin Still Undervalued
BorisVest pointed to two key on-chain metrics suggesting that BTC’s current price might be below its fair value. First, the analyst highlighted the decline in Bitcoin’s exchange reserves.
According to recent data, BTC exchange reserves – the amount of BTC available on cryptocurrency exchanges – are currently hovering around 2.43 million BTC, a sharp decline from the 3.40 million BTC on exchanges during the 2021 bull run. The analyst noted:
The Bitcoin exchange reserve data shows that Bitcoin is being withdrawn from exchanges after seven years. The fact that Bitcoin is not readily available for sale suggests it is being held for the long term. A decrease in B
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