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On-chain data shows the Bitcoin spot exchange inventory, which had been stuck in consolidation earlier, has finally started following a new trajectory.

In a new post on X, analyst Willy Woo has discussed about the trend in the Bitcoin spot exchange inventory. This metric keeps track of the total amount of the cryptocurrency that’s sitting in the wallets of all centralized spot exchanges.

This part of the exchange supply refers to the actual tokens of the asset that exist on the blockchain. The exchange supply that doesn’t actually involve users to own BTC, as is the case with derivatives products, is known as “paper BTC.”

When the spot exchange inventory rises, it means the investors are depositing a net number of coins into the wallets associated with these platforms. As one of the main reasons why holders might transfer their BTC to exchanges is for selling-related purposes, such a trend can have a bearish impact on the asset’s price.

On the other hand, the indicator going down implies the exchange outflows are outweighing the exchange inflows. Investors usually take their coins off into self-custody when they plan to hold into the long-term, so this kind of trend can be bullish for the cryptocurrency.

Now, here is a chart that shows the trend in the Bitcoin spot exchange inventory over the last couple of years:

As displayed in the above graph, the Bitcoin spot exchange inventory saw a large plunge around the time of the FTX collapse back in November 2022. This suggests a large movement of coins occurred out of these platforms as the asset’s bear market reached its bottom.

Following this plummet, the indicator started a phase of consolidation that lasted for the entirety of 2023 and most of 2024. The trend finally broke in the last couple of months of 2024, when the metric registered a sharp crash.

These outflows came alongside Bitcoin’s exploration of new all-time highs, implying the accumulation from the investors might have played a role in the run. In total, 240,000 BTC exited the exchange-related wallets during this plunge.

Woo has pointed out that Microstrategy’s buying in this period summed up to about 192,000 BTC, which means there are other whales present in the market taking significant amounts off the exchanges.

So far, the downtrend in the spot exchange inventory has shown no signs of reaching a bottom, as outflows have continued into 2025. If investors indeed keep up the accumulation in the near future as well, then Bitcoin could benefit from some further bullish momentum.

Bitcoin has continued its recovery in a sharp fashion during the last 24 hours as its price has broken back above the $101,700 mark.

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