Bitcoin (BTC), the largest cryptocurrency, is showing signs of bullish potential in the final days of 2024. It is seeing the smallest number of depositors in more than eight years, while investors continue to send stablecoins to exchanges, Cryptoquant data says.

The most bullish since 2016? Bitcoin (BTC) is leaving centralized exchanges

Bitcoin (BTC) has recorded a drop in daily deposits not seen since 2016, CryptoQuant community author who goes by @AxelAdlerJr shared in his recent post on Quicktake. This means that fewer cryptocurrency owners are interested in transferring their Bitcoin to centralized exchanges.

This, in turn, is an indication of accumulation in non-custodial portfolios. Trends usually lead to decreased interest in spot selling of Bitcoin (BTC), which is a bullish indicator in the medium term.

The net inflow to reserve ratio also confirms the continued outflow of coins. The index shows the relationship between net inflows and outflows to central exchanges and their total reserves. The gauge has reached its lowest level since January 2023.

As such, the analyst shows moderate optimism about the impact of both catalysts on Bitcoin (BTC) behavior in early 2025:

The decline in daily deposits on exchanges to a level not seen since 2016 indicates a widespread trend of holding Bitcoin in personal wallets, while the net inflow to reserve ratio confirms the continued outflow of coins. Combined, these signals set the stage for more robust price movements in the future.

As of press time, Bitcoin (BTC) is trying to stay above $94,000, up 0.5% over the past 24 hours on high trading volume.

Buying pressure increases as stablecoin reserves reach ATH

The strong accumulation of stablecoins on centralized cryptocurrency exchanges is another strong indicator of market optimism. In less than a year and a half, Binance's (BNB) stablecoin reserves have risen from $7 billion to $31 billion.

This shows that even sellers have decided to keep their funds in stablecoins instead of moving value out of cryptocurrencies or moving from BTC to altcoins.

With this indicator, Binance (BNB), the world's most popular exchange in terms of trading volume and number of users, has reached an all-time high, breaking the record for 2023.

CryptoQuant data shows that buying pressure on Bitcoin (BTC) is still far from exhausted.