According to recent report from Glassnode, currently, 12.9% of the circulating Bitcoin supply, or roughly $163 billion, is sitting on exchanges.

Generally speaking, if investors were keeping more of their Bitcoin on exchanges it’d be a sign they thought it was overpriced and wanted to be ready to sell. But that doesn’t appear to be the case.

The report revealed that the daily net withdrawals from exchanges had reached an average of 5,000 BTC. They write that “despite hovering just below ATHs, on-chain activity remains only marginally above bear market levels.”

In other words, the record-high prices haven’t prompted many people to sell. The majority of investors are content to hold their Bitcoin for the long run, meaning that many of them expect the price to keep climbing.