The number of CEX bitcoin deposit addresses fell to its lowest level in recent years, perhaps indicating a reduction in selling pressure
The number of deposit addresses on the Bitcoin CEX platform has fallen to 132,100, its lowest level in years, according to a recent research report. The metric represents the number of addresses sending incoming trades to the trading platform, and the analysis suggests that the lowest level in years indicates a decrease in the number of investors selling bitcoin on the spot trading platform, which could indicate that selling pressure has eased. But Julio Moreno, head of research at CryptoQuant, also said that when there are fewer deposits to trading platforms, it could indicate more than just less interest in selling bitcoin. It could also mean less overall demand for bitcoin, as fewer traders are depositing money to bet on higher prices.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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