CryptoQuant analyst: Since 2021, fewer and fewer Addresses have been depositing BTC into exchange

Gate News bot message, according to NewsBTC, CryptoQuant analyst Darkfost’s recent analysis revealed the transformation of BTCholder over the years. The analyst observed that the number of Addresses holding BTC on exchanges has been decreasing since the end of the 2021 market.

The decline in this activity does not necessarily mean a weakening interest in BTC, but a change in the way investors interact with assets, which may imply that long-term strategies are becoming the norm.

According to Darkfost’s data, the number of BTC Addresses recharging funds to the exchange has steadily increased from 2015 to 2021, peaking at an annual average of about 180,000. However, in the following years, this upward trend sharply reversed.

Currently, the 10-year moving average hovers around 90,000, while the 30-day average has dropped to 48,000. Recently, the daily number of new cases has plummeted to just 37,000. Darkfost mentioned: ‘This reflects a significant change in the behavior of BTC investors, which may be attributed to several key factors, with one major factor being the emergence of ETFs, allowing investors to access the price performance of BTC without directly managing the complexity or risk of assets.’

In addition, the current market has relatively low retail participation, which has historically promoted deposits on exchanges. More importantly, an increasing number of investors (from individuals to institutions) see BTC as a long-term store of value or national treasury reserve asset, rather than a short-term speculative tool.

The CryptoQuant analyst added, “These evolving changes gradually manifest over time, which is the factor driving the continuous evolution of BTC’s identity in the financial market. Perhaps it is this kind of transformation that ultimately solidifies BTC’s position as a store of value.”