Investors are holding onto BTC, waiting for a bullish momentum

According to data provided by CryptoQuant, the value of Bitcoin reserves has seen a significant drop of approximately $7 billion in the past month. CryptoQuant's publication states, "At the very least, the amount of Bitcoin circulating on exchanges has decreased over the last month."

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Furthermore, CryptoQuant data indicates that exchange platforms have lost a substantial amount of 2,132,000 Bitcoins from their reserves. This decrease suggests that investors are opting to hold onto their Bitcoins rather than engaging in large-scale selling.

Past data reveals an ongoing decline in the number of deposit transactions on exchanges since 2022, resembling a situation witnessed in July 2019 (likely influenced by the positive sentiment surrounding the upcoming Bitcoin halving event scheduled for May 2020)