Bitcoin Deposit Addresses Hit Lowest Level Since 2016, Reducing Selling Pressure

On September 16, COINOTAG news revealed insights from CryptoOnchain, an analyst at CryptoQuant, through a chart shared on social media. This chart illuminated that the count of deposit addresses on Bitcoin trading platforms has plummeted to 132,100, a figure not witnessed since 2016. These addresses signify the entities sending inflow transactions to trading venues. Such a significant decrease suggests a reduction in the number of investors liquidating their tokens on spot trading platforms, potentially signifying an alleviation in selling pressure.