Bitcoin

Both BTC and ETH exchange's balances are in multi-year downtrend. Free float is getting less every month. Despite long ETH underperformance relative BTC.

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Market dynamics can be complex and multifaceted, and a holistic approach to analysis is often necessary.

Overall, while the downtrend in exchange balances for both BTC and ETH may signal long-term hodling behavior among investors, it's essential to consider a range of factors when analyzing cryptocurrency markets and predicting future price movements.

The observation about both Bitcoin (BTC) and Ethereum (ETH) exchange balances being in a multi-year downtrend is an interesting one and can have various implications for the cryptocurrency market.