What Sell Pressure? Bitcoin Exchange Reserves Hit 4-Year Low

Bitcoin has started a recent downtrend that is threatening its position above the coveted $40,000 level. This is presumed to be caused by major sell-offs in the market. However, exchange metrics continue to show that this is not entirely the case. Exchange balances have been plummeting for the past year pointing towards massive accumulation trends and this has come to a head after bitcoin exchange balances have touched a new 4-year low.
Exchange Balances Plummet
It is no secret that the bitcoin