Coindesk analyzed that the holdings of Bitcoin and Ethereum on exchanges, unlike before, can no longer be seen solely as a bullish signal. BTC and ETH balances on exchanges are at their lowest levels since 2017 and 2015, respectively. Traditionally, a decrease in supply on exchanges was interpreted as reduced selling pressure and considered a bullish signal, but recently, it has been pointed out that the reliability of this indicator has decreased due to the expansion of institutional custody and the movement of funds to spot ETFs, staking, DeFi, and other areas. Mark Zalan, CEO of GoMining, stated, "It is true that a bull market has followed when the supply on exchanges decreased, but the exact timing of a trend reversal cannot be predicted."
