Analyst: CEX Bitcoin Balance Hits New Low Since 2017, Accumulation Trend Continues

On December 4, The Block reported that BRN Research analysts noted Bitcoin’s fundamental structure is steadily improving, despite limited spot momentum. BRN Research Director Timothy Misir pointed to CryptoQuant and Glassnode data showing exchange-held Bitcoin balances have fallen to ~1.8 million BTC — the lowest level since 2017. Bitcoin’s realized market cap has also continued to post positive monthly growth, signaling new funds are still flowing into BTC even as the broader market trades in a tight range. “Market started on a stable note, accumulation buying remains ongoing, exchange supply is shrinking, and prices are holding above fair market value,” Misir said. “Right now, what’s missing is a breakout above the $96k–$106k range.”