Looking at Bitcoin balances on exchanges shows the amount of BTC that could be used to generate selling pressure. It also illustrates the overall maturity and health of the market — the less Bitcoin there is on exchanges, the more people see it as a long-term investment.

As of Dec. 23, the total amount of BTC held on Binance stands at 565,00 BTC. This is a sharp drop from the yearly high of 655,000 BTC recorded in December when over $1 billion worth of BTC was deposited into the exchange.

The 90,000 BTC difference in Binance’s balance was created in a single week in mid-December. CryptoSlate analysis of on-chain data showed that over $600 million worth of BTC was withdrawn from the exchange in a single day.