Institutional investors also appear to be playing a larger role in this cycle, adding to the bullish outlook.
Bitcoin has reached a historic price of $68,000 as on-chain indicators suggest that favourable fundamentals are driving the price upward. According to CryptoQuant data, Bitcoin reserves on exchanges have reached an all-time low of less than 2.7 million BTC, down from over 3.3 million three years ago.
The decline in reserves could indicate a shift in investor sentiment, creating scarcity and upward pressure on prices, with traders adopting a long-term holding strategy and moving assets off-exchange to cold storage.
