According to online reports, CryptoQuant analyst @ Axel AdlerJr posted data on social media saying that since 2022, the number of addresses that deposit Bitcoin into exchanges has been steadily declining: the 30-day moving average has now dropped to 52,000 addresses, compared with the 365-day average of 71,000 addresses. Meanwhile, over the past 10 years, the most common distribution has been approximately 92,000 addresses, and the current number of addresses is equivalent to December 2016 levels. The trend itself is bullish, as investors have reduced Bitcoin sales fourfold in the past three years. Essentially, this represents an increasingly strong hold (HODL) sentiment that significantly reduces selling pressure and lays the foundation for further growth.