BTC’s liquid supply see substantial decline, strong accumulation?

The share of BTC’s supply not having moved in 1 year or more has never been higher, currently sitting at 64%. On-chain analysts are interpreting this as a positive sign of accumulation.
Source: Glassnode

The logic behind this assumption is that more coins are HODLed “under the mattress” than lifted off to the market, leading the percentage share to increase of older UTXOs. Accumulation has thus outpaced distribution over the last year.

On-chain analysts have also remarked that exchanges' BTC balances are rapidly declining. Pointing toward a less liquid supply, which eventually should create a potent rally environment.

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