Bitcoin has seen a significant decrease in the amount of BTC being held on exchanges as the digital asset market remains stable, according to a well-known crypto analyst.

Ali Martinez, a trader with a large following of 63,700 on the social media platform X, reported that approximately 22,647 BTC, valued at over $1.57 billion, were withdrawn from crypto exchanges over the past week.

Martinez also pointed out that the number of daily active Bitcoin addresses has recently broken a downtrend that began on March 5th. He stated, “In just 24 hours, 765,480 BTC addresses were active. This increase in network activity is a positive indication that the BTC bull run will continue.”

The analyst highlighted that Bitcoin is currently supported by a strong zone between $69,380 and $67,350, with 1.97 million addresses purchasing 964,000 BTC within that price range. Martinez emphasized the importance of maintaining this level to sustain Bitcoin’s upward momentum.

Additionally, Martinez analyzed Bitcoin’s cumulative value-days destroyed (CVDD) metric, which considers the value of each Bitcoin transaction in relation to the number of days since the coins were last moved. The CVDD tracks the cumulative total of the coin days destroyed metric as a ratio to the market’s age, helping to identify potential market highs and lows.

According to Martinez, the CVDD suggests that the next potential local peak for Bitcoin could be around $89,200.

As of the time of writing, BTC is trading at $68,058.

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