Analysis: The BTC balance on the exchange has reached a new low in this cycle, and the rebound may not be over

Trader Murphychen posted that the current BTC balance on the exchange is only 2.936 million, reaching a new low for this cycle. This means that more BTC has been withdrawn to on-chain concentrated reserves and has not been deposited into the exchange for selling. The last time the balance was at such a low level was on December 17, 2022, after the FTX collapse, when the market initiated a withdrawal action due to distrust in centralized exchanges, leading to a sharp drop in exchange balances.

Currently, both on-chain and on-exchange selling pressure have been cut off, and the speed of demand decline is coming to a halt, creating conditions for a rebound. Therefore, he believes that the rebound of BTC after the stop at 80,000 has not yet ended. However, whether it can continue to release momentum will depend on the subsequent changes in sentiment and risk appetite.