Bitcoin Near $70,000 as Exchange Reserves Drop and Whale Dormancy Signals Possible Supply Squeeze

Bitcoin is trading close to $70,000 while on-chain data shows exchange reserves have fallen by about 204,000 BTC since the start of the year and long-term whales are barely moving coins. Short-term holders are selling at a loss and newer whales remain underwater, a divergence analysts say could tighten supply and influence whether the next phase is bullish or bearish.