# Signs of a bull market in its infancy

By 80eight Team — 28 October 2025

Canonical: https://80eight.io/blog/signs-of-a-bull-market-in-its-infancy

The chart below from Crypto Quant shows something quite extraordinary. Pay attention to the blue line. It shows reserves on crypto exchanges falling… and falling.

![Description of Image](/blog-assets/da2d62c4-674d853b4c5a966cbc8cd965-screenshot-2024-12-02-at-11-59-23.webp)

## Coins are leaving the exchanges

What this means is people are moving coins off exchanges, which is a sign they have no intention of selling.

When supply evaporates and demand remains constant, there’s only one way for the price to go and that is up.

## What happened in late 2022

The same chart shows what happened in late 2022. BTC dropped below $20k and exchange reserves also dropped – again, a sign of confidence that a price reversal was probably on its way. In prior cycles, a rise in BTC was accompanied by more coins moving onto exchanges.

That trend has been ruptured this time around.

## Four themes emerging

There appear to be a couple of parallel themes emerging here:

- Bitcoin available for sale on exchanges is declining due to a belief that the bull run is just beginning.

- Bitcoin is moving into stronger hands. There will only ever be 21 million in issue, so the scarcity factor is beginning to manifest through less selling pressure.

- ETFs have been active in recent weeks in propping up prices. Institutional support is real, and growing.

- The very real concerns that global debt is crippling and unsustainable, coupled with escalating tensions in Ukraine and the Middle East, has prompted a flight to safety.

A break through $100k will likely prompt a melt-up before there is a consolidation. That may take several more months to develop so long as the bulls are firmly in control.