Bitcoin (BTC) bachelor on exchanges is near to striking its everyman levels ever, the latest data shows.

As noted by Ki Immature Ju, CEO of on-chain analytics platform CryptoQuant, exchange reserves have returned to all-time lows last seen in early May.

Time for another Bitcoin "sell-side liquidity crisis?"

Equally of Thursday, the latest date for which figures are available, there was two.399 1000000 BTC available across major exchanges. May'southward low measured 2.390 1000000.

Bitcoin traders have thus reversed a eolith tendency that ensued during the mid-May toll upheaval, which points to a clear return to an investment-focused — not speculation-focused — mentality.

"Promise to encounter another sell-side liquidity crisis on Bitcoin," Ki added in comments.

Bitcoin exchange reserves vs. BTC/USD nautical chart. Source: CryptoQuant

Such a crisis, or "supply squeeze," has formed a common narrative in recent weeks, reinforced by healthy ownership upwardly of backlog liquidity from Tuesday'due south toll dip.

It's not merely retail — derivatives platforms have also seen major withdrawals of BTC this calendar week, while the overall BTC supply is becoming less mobile.

Information from beau on-chain analytics firm Glassnode confirmed that on Friday, the section of the supply, which last moved one to two years ago, reached a three-year low.

Those who last moved BTC to an accost between September 2022 and September 2022 are, therefore, not touching their holdings.

BTC supply last active i-2 years ago chart. Source: Glassnode/Twitter

Bitcoin support levels suggest $43,000 floor

BTC/USD continued to merchandise below $46,000 at the time of writing Fri.

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In his latest YouTube update, Cointelegraph contributor Michaël van de Poppe denied any thought that Bitcoin had entered a bear market, with nearby levels tipped to provide support.

These are $45,700, which should give fashion to between $43,000 and $44,000 if it fails.

"On the upside, nosotros also know that $46,700 is withal a very important resistance level," he added.

"If that cracks, I think the chances that we're going to interruption through $47,500 all the way towards $50,000 is significant, and that will bring forcefulness to the altcoin markets as the altcoins volition only follow accommodate."
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView