The crypto space has witnessed a massive bull run and a dreadful bear market in the past couple of years. The markets began the current year’s trading on a bullish note that flashed the possibility of a significant recovery. However, ever since the star crypto, Bitcoin price faced a massive rejection from $31,000, the yearly high, the entire market has been trading under an acute bearish influence.
Besides, the regulatory crackdown and the uncertainty prevailing within the traditional broader markets have heavily impacted the crypto space. Therefore, the interest of crypto enthusiasts has also waned to a large extent. Google searches for ‘crypto’ hit the lowest levels, last seen before the beginning of the 2021 bull run. Therefore, one of the well-known analysts, Boxmining, believes it is the ‘strongest buy signal’.
Besides, yet another bullish signal has flashed as the exchange reserves also dry up heavily. The daily exchange volume, or the spot market’s total volume, for major crypto exchanges like Binance, Bitfiniex, Coinbase, FTX, Gemini, Poloniex, etc. and many more has also dropped to the pre-2021 bull run levels.
The exchange reserves drying up, clearly suggest that market participants are extremely bullish on Bitcoin and the entire crypto space. Hence, they prefer to hold their tokens in their wallet rather than on exchanges, as they are bullish on Bitcoin and other tokens in the long term.
