Demand for Bitcoin remains solid and is fuelling a "supply shock" that shows no sign of abating, even at $50,000 and higher.
Bitcoin (BTC) may have shed $10,000 in a week but the cryptocurrency's "supply crisis" is more real than ever.
According to the latest data from on-chain monitoring resource Glassnode, exchange BTC reserves are at an all-time low.
Everyone wants BTC
In a telling depiction of investor strategy, exchange reserves have plummeted in recent months — and have continued dropping despite mixed price action.
Hodlers, it seems, want to hodl rather than trade or sell, even at all-time highs above $60,000.
At Coinbase, the largest US exchange by volume, BTC stocks have crashed by nearly $8 billion at current prices, or 150,000 BTC, since January.
A favorite venue for largescale institutional buyers, Coinbase underscores persisting appetite for Bitcoin, Cointelegraph previously reporting on large tranches of BTC leaving its books for cold storage.
Coinbase BTC balance chart.