Binance Research said a cluster of Bitcoin on-chain indicators is pointing toward tighter available supply and reduced sell pressure, with exchange balances falling to a six-year low as roughly 500,000 BTC have left trading venues since the COVID-era peak. In a May 17 thread, the research arm of Binance argued that four metrics now point in the same direction: long-term holders remain dominant, speculative activity is subdued, exchange supply has declined, and short-term holders are only beginning to rebuild unrealized profits.
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