A recent research report from CryptoQuant revealed that the number of Bitcoin exchange deposit addresses has dropped to around 132,100, marking a multi-year low. This metric represents the number of addresses sending inflows to trading platforms. The analysis suggests that the multi-year low indicates a decrease in the number of investors selling Bitcoin on spot trading platforms, which could signal a reduction in selling pressure.

However, CryptoQuant's Head of Research, Julio Moreno, also stated that declining exchange deposits may not solely reflect a decreased interest in selling Bitcoin. It could also signify a decline in overall demand for Bitcoin, as fewer traders are depositing funds to bet on price increases. (TheBlock)