There are still very few signs that point to bitcoin being anywhere near a top during this cycle...
While I have mentioned several times that bitcoin may peak sooner during this cycle than a lot of people think, this doesn't help that theory...
The push and pull of coins leaving and going to exchanges continues to only move in one direction, and that direction is coins leaving exchanges.
Which is pretty amazing when you factor in that roughly 900 new bitcoin are being created every single day and we have a price that is up 7x from this time last year.
When you factor those two things in, this chart is absolutely mind blowing:
Not only does this show that at least 900 new coins created every single day are being absorbed, but a bunch of the older supply is as well.
During the last bull market, we saw this trend flip roughly halfway through the bull market, where the supply on exchanges started going up.
As it stands right now, we haven't seen any indications that supply is going up anytime soon.
It just keeps going down down down.
This is great news for trying to factor in how long this bull market might last, watch the trend of coins moving to and from exchanges.
Once the balances on exchanges start going up instead of down the top is probably within a few months, we haven't even seen the balances stop going down yet though, so we are not anywhere near a top.