HODLers Playing Hide-and-Seek While Institutions Do the Dumping

Bitcoin has been vibing above $70,000 for three straight days now, apparently unbothered by the broader market's collective panic attack. At press time, BTC was lounging at $71,021 after a modest 0.93% dip on the daily charts. Before this minor faceplant, it had managed to print two positive weekly candles for the first time in 2026 – a rare sight indeed, like spotting a functioning DeFi protocol during a bear market.

Here's where things get genuinely spicy. According to data from Darkfost, Exchange Depositing Addresses have cratered to a 10-year low. Translation: regular traders are clutching their bags tighter than a degens holds a napkin at a free hamburger convention. Only 31,000 depositing addresses were clicking buttons daily, while the annual average lounges comfortably near 47,000 – levels we haven't witnessed since around 2017, back when your max supply BTC stack was actually affordable.

Historically, such dramatic nosedives in depositing addresses tend to occur during advanced bear market phases when interest in the market has gradually faded into the abyss. Most traders have apparently decided to take an extended vacation from selling, sipping margaritas in their minds while patiently waiting for better conditions to potentially reenter the arena.

The Exchange Supply Ratio (ESR) metric backs this narrative up like a supportive girlfriend who actually understands your chart analysis. It's dropped to 0.133, hovering dangerously close to the 2018 lows that no one wants to revisit. When ESR declines, it suggests traders across the board have significantly reduced their spending habits. These conditions usually coincide with selling pressure becoming progressively exhausted, like a marathon runner who forgot to hydrate.

But here's the plot twist nobody asked for, delivered without warning like an unexpected airdrop: while retail investors are being surprisingly patient, institutional players have been selling aggressively like they've got somewhere else to be. Bitcoin