Yonsei_dent
<Increased HODL tendency = Low Selling Pressure?>
If you look at the exchange holdings provided by CryptoQuant, you can see that they plummeted during the FTX incident in November 2022 and have been decreasing ever since. This is because, as trust in exchanges has collapsed, the tendency for self-custody, where investors try to individually store BTC in their own way, has increased. Afterward, thanks to the rally early this year, there was a movement to realize profits or exit by selling BTC, which was reflected in an increase in BTC holdings on exchanges. Currently, BTC holdings have been steadily decreasing since May. It is interpreted that many investors are sticking to a long-term holding (HODL) strategy at this time of continued sideway movement in prices and difficulties in identifying events and demand that will lead to price changes. ⚠️However, it should be noted that this only confirms the self-custody + HODL trend and cannot serve as a basis for defending against price declines.