Bitcoin supply on exchanges hits lowest in 5 years; Here’s why

The supply of Bitcoin (BTC) on cryptocurrency exchanges has hit its lowest amount in the past five years, as investors continue to pull their assets off them due to declining confidence in crypto trading platforms that have been under constant pressure by regulators in recent months.

Indeed, the overall supply of Bitcoin on exchanges is down to a mere 5.38%, which is the lowest point since December 2017, according to the most recent information shared by crypto on-chain and social metrics platform Santiment in an X post published on November 29.

As the analysts explained, investors have continued to move their Bitcoin into self-custody “as exchange reputation continues to diminish,” exacerbated by the recent settlement between Binance and the United States Securities and Exchange Commission (SEC), as well as the lawsuit against Kraken.

Bitcoin vs. Tether supply on exchanges. Source: Santiment

At the same time, the ten largest exchange crypto wallets with Tether (USDT) are holding $15.23 billion worth of the stablecoin, “pushing exchange power to its highest level in 17 months,” or since June 2022, as the platform’s team explained using the above chart.

Bitcoin price analysis

Cryptocurrency

Bitcoin to ‘never go below $35k ever again;’ says expert

Stocks

ChatGPT predicts MicroStrategy stock price for start of 2024

Cryptocurrency

Machine learning algorithm predicts Bitcoin price for Xmas day

Cryptocurrency

Bitcoin eyes 18-month rally amid bullish indicators

Cryptocurrency

Tron overtakes BTC as Hamas’ and Hezbollah’s blockchain of choice

Meanwhile, the maiden cryptocurrency was at press time changing hands at the price of $38,240, recording an increase of 3.14% in the last 24 hours, as well as gaining 4.24% across the previous seven days and advancing 10.67% over the past month, as the latest charts suggest.

Bitcoin 30-day price chart. Source: Finbold

Interestingly, the declining amount of Bitcoin on crypto exchanges has moved in the opposite direction from the price of the flagship decentralized finance (DeFi) asset since early June 2023, coinciding with the SEC charging Coinbase (NASDAQ: COIN) with operating as an unregistered securities exchange.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Comments

Post a Comment

Popular posts from this blog

Dogecoin Price Prediction: DOGE Plunges 7% As Experts Say Consider This Innovative Staking Meme Coin For 100X Gains

Image
The Dogecoin price plunged 7% in the last 24 hours to trade at $0.1922 as of 2.20 a.m. EST on trading volume that plummeted 23% to $7.56 billion. After surging over the past two days during the US election, the Dogecoin price climbed to $0.21, only for it to then correct back under the resistance at $0.20. The project only reached this height twice in the past year — once in March, and once again in April. However, with the election now officially over, the hype has died down, and prices have corrected. But Dogecoin might prove to be a special case given Trump’s plans to create a new crypto-related department and put Elon Musk — a major DOGE supporter — in charge of it. Recent mentions of the so-called Department of Government Efficiency, or DOGE, have fired Dogecoin higher, and so many are likely to keep DOGE in expectation of much greater gains in months and years to come. Dogecoin Price Prediction The Dogecoin price correction in the last 24 hours was fa...
Read more

Elon Musk Dogecoin Joke Fails To Ignite DOGE Price Even As Donald Trump Considers Tesla Titan For Public Office

Image
A Dogecoin joke by Tesla and SpaceX founder Elon Musk failed to stem a DOGE slump even as former President Donald Trump said he’d offer him a cabinet post if he re-takes the White House. In an Aug. 20 post on X, Musk said he’s “willing to serve,” along with a picture of him standing at a podium with the words “D.O.G.E. – Department of Government Efficiency.” Following the post, the price of Dogecoin registered a slight 24-hour loss to trade at $0.1046 as of 2:50 a.m. EST, perhaps signaling Musk’s waning influence on the price of the biggest meme coin by market capitalization. Trump Willing To Offer Elon Musk A Cabinet Position Musk’s post came in response to Trump saying that he would offer the Tesla and SpaceX founder a Cabinet position or an advisory role if he gets elected, and assuming Musk was interested. In an interview with Reuters, the Republican nominee said that he would approach Musk for such a position “i...
Read more

Bitcoin miner Phoenix Group’s $370m IPO overwhelms with massive subscription rate

Image
Phoenix Group, a major bitcoin mining service provider based in Abu Dhabi, recently announced the successful completion of its Initial Public Offering (IPO), securing a substantial $370 million in capital.  In a statement released this week, Phoenix Group revealed the IPO, initiated on the Abu Dhabi Securities Exchange (ADX), witnessed an overwhelming response, with subscriptions exceeding the initial offering price 33 times over. Notably, the enthusiasm among retail investors was particularly striking, with subscriptions surpassing expectations by 180 times. You might also like: WSJ: Changpeng Zhao to step down, plead guilty as part of Binance-DoJ settlemen Phoenix Group IPO details The public offering, which commenced on Nov. 16 and concluded on Nov. 18, involved the sale of 907 million shares. This represented 17.64% of the company’s stakes, with the aim of raising 1.3 billion UAE dirhams, approximately $370 million. The shares are scheduled to start trading ...
Read more