Bitcoin Exchange Reserves Plummet to 2019 Levels
Centralized cryptocurrency exchanges are holding the lowest amount of Bitcoin since 2019, according to data from CryptoQuant. As of late April 2025, only around 2.5 million BTC remain on exchanges, a significant drop of 500,000 coins compared to the end of 2024. This trend suggests a growing shift towards self-custody amongst Bitcoin holders.
Dogecoin Shows Potential for Bullish Run
Dogecoin (DOGE), the largest meme coin, has experienced a recent price surge, potentially signaling a larger upward trend. The MVRV ratio, which tracks the ratio of a coin’s market cap to its realized cap, is near the crucial level of 1. Historical data shows that when the MVRV ratio is around 1, Dogecoin’s price has rallied significantly, including price increases of over 400% in August 2024.
Whale Accumulation and Corporate Interest Persist
Large investors, or whales, are aggressively accumulating Bitcoin, despite trading around the $94,000 mark. This accumulation is supported by a rise in Bitcoin ETF inflows, and recent hints from notable figures like Michael Saylor about potential future investments.
El Salvador Continues Bitcoin Acquisition Despite IMF Agreement
Despite an IMF agreement to cease Bitcoin acquisition, El Salvador continues to purchase Bitcoin. Data shows the country acquired 7 Bitcoins in the week leading up to April 27. While the IMF insists on compliance, the strategy seems to leave room for purchases outside of government entities.
Bitcoin Withdrawals Signal Potential Reaccumulation
Recent Bitcoin withdrawals from exchanges suggest a possible reaccumulation phase for the cryptocurrency. A shift in Bitcoin’s correlation with US equities signals potentially bullish market dynamics, further adding fuel to the bullish sentiment.
