From Oct. 15 to Nov. 15, Bitcoin (BTC) exchange outflows dropped from 2.5 million to 2.355 million, the lowest levels since August 2018. Approximately 145,000 BTC, worth $2.35 billion at a price point of $16,200, moved out of exchanges.
Bitcoin exchange reserves since January 2018. Source: CryptoQuant
In the same period, Bitcoin miners mined around 27,000 BTC, equivalent to around $437.4 million. Since miners have been mining 900 BTC daily after the May 11 halving, 900 BTC times 30 days equals 27,000 BTC.
This aggressive accumulation trend seen in the Bitcoin market shows that investors anticipate a prolonged post-halving uptrend.
Why declining Bitcoin reserves is bullish
A block reward halving occurs every four years until the fixed supply of Bitcoin at 21 million gets reached.
After each block reward halving, the number of Bitcoin miners can mine per day declines by half. This means prior to the May 2020 halving, around 1,800 BTC were mined. Until the next halving