Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) continue to show signs of long-term holder conviction, with exchange balances falling to multi-year lows.
However, recent volatility has kept spot demand subdued.
Exchange Supply Hits Historic Lows
In an X post on July 7, Santiment data shows Bitcoin’s exchange supply has fallen to its lowest level since 2017, while Ethereum’s exchange balance is near its lowest level since 2015.
This implies fewer coins are readily available for sale on centralized exchanges, reducing the risk of large exchange-driven selloffs. Historically, investors moving assets into self-custody has been viewed as a sign of long-term conviction rather than an intent to trade.
