Bitcoin Exchange Depositing Transactions At 4-Year Low, Bottom Signal?

On-chain data shows the Bitcoin exchange depositing transactions are now at a 4-year low, indicating that the bottom may be here.
Bitcoin 30-Day MA Exchange Depositing Transactions Have Declined
As pointed out by an analyst in a CryptoQuant post, the metric’s current levels are the same as in Q1 2019. The “exchange depositing transactions” is an indicator that measures the total number of Bitcoin transfers that are headed toward centralized exchanges.
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