{"id":157789,"date":"2023-11-29T11:39:48","date_gmt":"2023-11-29T11:39:48","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=157789"},"modified":"2023-11-29T11:39:51","modified_gmt":"2023-11-29T11:39:51","slug":"bitcoin-btc-supply-on-exchanges-falls-to-6-year-low","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-btc-supply-on-exchanges-falls-to-6-year-low\/","title":{"rendered":"Bitcoin (BTC) Supply on Exchanges Falls to 6-Year Low"},"content":{"rendered":"
The trend of Bitcoin\u2019s<\/a> supply moving away from exchanges and into self-custody continues unabated, as per the market intelligence platform, Santiment<\/a>.<\/strong> This shift is attributed to the ongoing erosion of trust in exchange platforms. This is the lowest level for the top cryptocurrency by market cap since December 17, 2017.<\/span><\/p>\n The decrease in supply on exchanges is generally seen as a positive sign, indicating a decreased risk of major sell-offs. This trend suggests that investors are choosing to hold onto their assets for potential future profits instead of selling. The market sentiment around Bitcoin remains largely bullish, despite recent price corrections.<\/strong><\/span><\/p>\n On-chain data indicates a significant shift of Bitcoins being transferred from exchanges to private wallets, a trend that could potentially signal a bullish market in the future. The supply of Bitcoin on exchanges has reportedly reached a five-year low.<\/span><\/p>\n In a recent update shared on the social media platform X, Santiment posted a chart that depicted the long-term growth trends of two key metrics. The data revealed that the total supply of Bitcoin on exchanges has dwindled to 5.38%, a low not seen since December 2017.<\/strong> Concurrently, the top 10 largest USDT exchange wallets have amassed a record $15.23 billion in Tether, marking the highest level since June 2022.<\/span><\/p>\n \ud83d\udcb8 #Bitcoin<\/a>'s supply on exchanges has continued moving into self custody, as exchange reputation continues to diminish. Meanwhile, the 10 largest #Tether<\/a> exchange wallets hold $15.23B, pushing exchange buying power to its highest level in 17 months. \ud83d\udcaa https:\/\/t.co\/AtjD9ve3YO<\/a> pic.twitter.com\/XJ0uuTiAZx<\/a><\/p>\n — Santiment (@santimentfeed) November 29, 2023<\/a><\/p><\/blockquote>\nSantiment Data Shows Decreasing Bitcoin Supply<\/span><\/h2>\n
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