Since mid-May, the amount of Bitcoin held on exchanges has been steadily falling, providing optimism that the worst of the market selloff has passed. According to crypto analytics firm Santiment, Bitcoin's exchange supply is currently at its lowest level since early January. On May 19, the Bitcoin selloff accelerated, resulting in a $1.2 trillion drop for the whole cryptocurrency market. While Bitcoin is in a strong intermediate slump, investors are discovering new reasons to be bullish.