People are misinterpreting the cause behind Bitcoin's declining exchange balances and dormant adresses over the last 3 years. It's not because more people are hodling...

It's because of the rise of paper Bitcoins like WBTC, GBTC, ETFs, derivatives etc... Paper Bitcoins are making the velocity of real Bitcoins decline. Paper Bitcoin issuers hold the real asset in reserve somewhere, so onchain it appears the coins are dormant, when really the Bitcoins are moving in the paper market.Now I'm not saying that more people aren't hodling than ever, I'm just pointing out that people are misreading what the onchain data really means. Onchain data is basically useless in this new world of paper Bitcoins. via /r/Bitcoin https://bit.ly/3JpZNkG