The number of Bitcoin (BTC) deposit addresses on the exchange fell sharply. This pattern indicates deepening long-term convictions among investors.
The data reveals a dramatic reversal of behavior that began after the 2021 cycle peak. Between 2015 and 2021, the number of unique addresses depositing BTC on exchanges steadily increased, with an average annual increase of 180,000. However, since 2022, that trend has not only stagnated, but has been declining consistently.
The trend in BTC exchange deposits is reversed
According to the latest analysis from Cryptoquant, the 10-year average is now around 90,000, with the current 30-day moving average being just 48,000. Every day, the number of deposition addresses fell to about 37,000, reaching multi-year lows. Analysts say this indicates a growing preference for holding Bitcoin rather than trading Bitcoin.
The launch of the Spot Bitcoin ETF has played a key role, allowing institutional and retail investors to access BTC price performance without the need to directly transfer or manage assets. Furthermore, lower retail trading activity in the current cycle has resulted in reduced aggressive deposit behavior.
At the same time, as the number of investors and businesses is growing, they are taking a savings-oriented approach, treating Bitcoin as a long-term preparation rather than a speculative measure.
The report said,
“These changes have slowly emerged over time, but they are exactly what drive Bitcoin’s evolving identity in financial markets. It may be this transformation that will ultimately reinforce the role of BTC as a valuable repository.”
This sentiment towards investor behavior is reflected on the macro scale.
Bitcoin as a modern reserve asset
A recent report from Coinshares shows that Bitcoin is considered a strategic asset in a country that is seeking to strengthen the economic resilience of its current global landscape. The potential to hedge cryptocurrency inflation, diversify sovereign portfolios and provide protection against geopolitical instability positions gold and forex reserves as the latest complement.
The US decision in 2025 is a key moment of adding Bitcoin to its preparations, but CoinShares noted that there is a continuing skepticism among economists who emphasize its volatility and speculative nature.
Nevertheless, with rising global debt, inflation and rising geopolitical tensions, more governments are seeking alternatives. Brazil’s re-bit proposal and Russia’s reported Bitcoin reserves suggest a competitive push to secure a share of the fixed supply of assets. With a $2 trillion market capitalization and a growing facility presence, Bitcoin is considered a reliable spare option along with its traditional holdings.
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