According to Bitcoinist, the latest research by analyst AXEL ADLER shows that the Bitcoin Exchange Netflow-to-Reserve Ratio indicator has hit a new low, indicating that the current market is in a significant accumulation phase. Although the BTC price is under pressure at the $10,000 level, on-chain data shows that investors continue to transfer BTC from exchanges to private wallets for long-term holding.
A negative value of this indicator means that the withdrawal volume from Bitcoin exchanges is greater than the deposit volume, indicating that investors tend to hold long-term rather than trade short-term. This trend is similar to the end of the 2022 bear market, when investors chose to buy heavily and transfer to cold wallets when BTC fell to $17,000 amid widespread market panic.
Currently, the BTC price is trading around $94,800, with $92,000 as a key support level. Analysts believe that as exchange reserves continue to decline, the tightening of market supply may support the future price trend of BTC, and $90,000 is a more important demand zone.
