Bitcoin exchange deposit addresses have dropped sharply, showing stronger long-term conviction among investors.
ETF access and reduced retail activity shift Bitcoin’s role into a long-term store of value.
For years, many have dismissed Bitcoin as a mere speculative tool. But now? That picture is starting to crack. According to on-chain analyst Darkfost of CryptoQuant, there’s been a major shift in how investors are treating BTC—and it’s evident in the data on addresses depositing Bitcoin to exchanges.
Going back between 2015 and 2021, the number of addresses actively sending BTC to exchanges was consistently increasing, averaging around 180,000 per year. But since the 2021 cycle, that trend has reversed sharply.
Today, the data is moving much lower. The 10-year average is now sitting at 90,000. The 30-day moving average is down to 48,000. Even on a daily basis, the number is only about 37,000 addresses. It may sound trivial at first glance, but if you look closely, it’s a
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