Darkfost2025-06-23

Fewer exchange deposits address reflect growing Long-Term confidence.

This chart offers a remarkable long-term view of Bitcoin and highlights a true paradigm shift among BTC investors. This shift began after the 2021 cycle. When we look at the number of addresses depositing BTC on exchanges between 2015 and 2021, that number consistently increased, reaching an annual average of around 180,000. Since then, the trend has completely reversed, and has not recovered. If we look at the 10-year average, it sits around 90,000. Today, the 30-day moving average is at 48,000, and the daily number is down to just 37,000. This reflects a significant behavioral change among BTC investors, which can likely be attributed to several key factors : - One major factor is the arrival of ETFs, which allow exposure to Bitcoin's price performance without the complexity or risk of directly managing the asset. - Since the beginning of this cycle, it has been noted that retail participation is relatively low, naturally reducing the number of active deposit addresses. - More investors, and now even companies, are adopting a long-term vision for BTC, choosing to hold it as savings or treasury reserves rather than actively trading it. These shifts, which have emerged gradually over time, are precisely what drive Bitcoin's evolving identity in financial markets. It may well be this transformation that ultimately solidifies BTC’s role as a store of value.