Bitcoin Supply On Exchanges Has Dropped To A 6-Year Low, What This Means For Price
09 Februar 2024 - 5:00PM
NEWSBTC
Bitcoin broke over the $46,000 level twice in the past 24 hours for
the first time since the approval of spot Bitcoin ETFs by the SEC,
signaling a bullish return into most cryptocurrencies spearheaded
by BTC. In particular, Bitcoin investors seem to be gearing up for
action as the next Bitcoin halving approaches with an interesting
time of withdrawal from exchanges. Serious money has been on the
move from exchanges in the past 30 days, as shown by on-chain data.
As a result, the Bitcoin balance across various exchanges has seen
a drastic drop to the lowest level in six years. Percentage Of
Bitcoin Supply On Exchanges Drops To Lowest Level Since 2017 A
large portion of Bitcoin holders have been holding onto their coins
for the long haul. According to IntoTheBlock data, about 69% of
Bitcoin holders have been holding their coins for longer than one
year. Related Reading: Chainlink Breeds New Whales As $49.9 Million
Accumulation Spree Cause Prices To Surge Data from the on-chain
analytics platform Santiment also showed that the supply of Bitcoin
on exchanges recently dropped to 5.3% of the total circulating
supply for the first time since December 2017, indicating 94.7% of
the supply is currently in private custody. This metric is
particularly interesting, considering BTC’s total circulating
supply has grown by 2.84 million since December 2017. As shown in
Santiment’s chart, the supply on exchanges has been on a free fall
since January 10, around when the first spot Bitcoin ETFs went live
in the US. This isn’t surprising, as the sentiment around Bitcoin
turned fully bullish during this period despite a prolonged price
struggle. 📈 #Bitcoin‘s price dominance has continued to grow over
#altcoins, as its market value surged as high as $45.5K today.
Traders remain skeptical toward the asset for a 3rd straight week.
This is the lowest ratio of $BTC on exchanges since December, 2017.
https://t.co/XC3UK258lM pic.twitter.com/4MwvXE28RC — Santiment
(@santimentfeed) February 8, 2024 In a similar manner, whale
transaction tracker Whale Alerts has disclosed large bouts of BTC
exiting crypto exchanges to private wallets in the past month.
Notably, Bitcoin’s dominance over altcoins has gained ground, with
the institutional demand for Bitcoin post-ETF approval also
surging. 🚨 🚨 🚨 1,150 #BTC (51,452,847 USD) transferred from
#Coinbase to unknown wallethttps://t.co/bQl4vCkifM — Whale Alert
(@whale_alert) February 8, 2024 This mass BTC exodus from crypto
exchanges signals that long-term holders feel more comfortable
keeping their coins in self-custody rather than on exchanges.
The total Bitcoin withdrawals from exchanges in the past seven days
were to the tune of $8.64 billion, outpacing a $8.42 billion inflow
by $220 million. Wallets holding more than 1,000 BTC have also
accumulated 1.03% of the total circulating supply in the past
month. Related Reading: Ethereum Staking Reaches Historic Milestone
As ETH Price Barrels Past $2,400 Withdrawals from exchanges are
generally a good phenomenon for crypto assets, as they reduce the
amount of cryptocurrencies readily available for sale. Fewer BTC
available means less selling pressure and the opportunity for the
value to go up based on supply and demand. At the time of
writing, Bitcoin is trading at $46,250, up by 4% in the past 24
hours and 7.15% in the past seven days. The cryptocurrency is
currently aiming for the $50,000 mark, which it can reach very soon
if the accumulation strategy continues. BTC price crosses $47,000 |
Source: BTCUSD on Tradingview.com Featured image from Forbes, chart
from Tradingview.com
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