On-chain data from Glassnode shows a deviation in the current Bitcoin cycle from previous patterns. Unlike previous cycles where exchanges received a large number of net inflows, the current epoch has seen investors withdrawing around 680,000 BTC from these platforms.
This decline in the Bitcoin balance on exchanges began just before the COVID crash in March 2020 and has continued since then. While this cycle is out of the ordinary in terms of this metric, it's worth noting that the epoch is yet to end and a reversal is unlikely given the next halving in 2024.
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