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Bitcoin holders who bought 6‑12 months ago sharply reduced transfers to exchanges, CryptoQuant data shows
CryptoQuant data shows that Bitcoin holders who purchased the cryptocurrency six to twelve months ago have dramatically reduced the amount of coins they send to exchanges. Their exchange transfers fell from 40.4% of all transfers in June to just 4.4% in the most recent period. This indicates a significant change in on‑chain behavior for that cohort of investors. The metric was highlighted in a recent market update.