Bitcoin recovery slows as spot demand falls, exchange reserves rise to 2.68 million BTC

Bitcoin ’s recovery is showing mixed signals, with recent CryptoQuant data indicating uneven market strength despite some signs of improvement. As the U.S. midterms approach, observers are closely watching trends in exchange reserves, spot demand, and large holder activity for clues about the market’s direction. The amount of BTC held on exchanges increased slightly, reaching 2.68 million BTC from around 2.67 million BTC in early October. While this marks a modest uptick, reserves remain low compared to levels seen in January. Analysts note that such transfer patterns may reflect custody changes instead of outright selling, indicating that a rise in reserves does not necessarily equate to increased sell pressure. Even so, the trend merits attention because past analysis linked low exchange reserves to a stronger Bitcoin base.

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