Bitcoin reserves on the exchange are at a record low, but no one is selling: What is happening?

Bitcoin once again became the center of attention as reserves on the exchange hit a record low.

According to a report from CryptoQuant, the amount of BTC reserves on centralized platforms has dropped to the lowest level ever recorded — only 2.2 million BTC.

The continuous accumulation and transfer of BTC into cold wallets by investors is a classic signal indicating that a long-term accumulation phase is taking place.

Accumulation phase while the market is still unstable

The decrease in the amount of BTC on the exchange indicates that selling pressure is easing. This trend is a sign of increasing optimistic sentiment from long-term investors.

When Bitcoin is withdrawn from exchanges, short-term selling pressure also decreases. This helps to lay the foundation for the next price increases, when demand exceeds the current supply.

Moreover, the continuous outflow of funds shows that investors are expecting higher prices in the future. However, it should also be noted that not everyone is making a profit at this time.

Source: CryptoQuant## Unrealized losses are increasing

Although the accumulation trend is underway, the Net Unrealized Loss index (NUL) is steadily increasing. This indicates that more and more holders are in a negative capital situation.

Interestingly, this very model — unrealized losses increasing alongside a low amount of BTC on the exchange — has historically often signaled strong price recoveries.

Accordingly, it reflects a market full of resilience: weak hands are selling, while long-term investors are buying in greater numbers. Therefore, the pressure is silently accumulating.

The combination of low reserves and unrealized losses indicates that the market is in a state of waiting and just needs a triggering factor to explode.

Source: CryptoQuant## Bitcoin's dominance ratio remains strong

In recent times, the dominant position of Bitcoin compared to the rest of the crypto market has remained unbroken. This dominance ratio is expected to continue to be maintained, based on many positive on-chain indicators.

This is a common occurrence when investors seek safer havens amid weakening altcoins or an unclear market.

Assuming that the advantages of Bitcoin continue to be maintained and market conditions stabilize, a new price increase could very well occur.

This time, the upward momentum may be driven by the increasing participation of institutions through ETFs, as well as renewed interest from retail investors.

With the BTC supply on the exchange running low and NUL increasing, the market seems to be "consolidating" and ready for movement.

The key question is simple: Can Bitcoin turn this silent accumulation phase into a breakout?

If confidence is maintained and external triggering factors align, BTC could lead the next rally.

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