Bitcoin exchange depositing addresses fall to 2016 levels, signaling strong HODL sentiment: CryptoQuant analyst

CryptoQuant analyst Axel Adler Jr. noted on X that Bitcoin (BTC) exchange deposit activity has steadily declined since 2022. The 30-day moving average of deposit addresses has dropped to 52,000, well below the 365-day average of 71,000. Over the past decade, this number typically hovered around 92,000, with the current level last seen in December 2016. He sees this as a bullish sign, noting that BTC holders have cut exchange-related sales by nearly 75% in the past three years—a clear reflection of growing HODL sentiment that reduces selling pressure and supports further price growth.