Bitcoin supply on cryptocurrency exchanges is at its lowest level since February 2018.
In the chart prepared by the on-chain data analysis company Santiment, it is seen that the supply of Bitcoin on crypto currency exchanges is at the lowest level of the last five years due to the climate of fear and anxiety in the market.
The drop comes after the moves of the US Securities and Exchange Commission (SEC) targeting Binance, the world’s largest cryptocurrency exchange in terms of trading volume, and Coinbase, another Nasdaq-listed cryptocurrency exchange. After the lawsuits filed by the SEC, the supply of Bitcoin on cryptocurrency exchanges decreased by 6.4 percent.
📉 #Bitcoin's exchange supply has now fallen to its lowest level since February, 2018. Traders continue moving $BTC to self custody during the uncertainty surrounding #Binance & #Coinbase. As long as these #SEC lawsuits loom, this trend should continue. https://t.co/CBOxJ8oA07 pic.twitter.com/c7MQyMswgp
— Santiment (@santimentfeed) June 14, 2023
According to data from Santiment, the supply of Bitcoin on exchanges has been in a steady decline since 2020. The drop in Bitcoin supply on exchanges indicates that traders are moving BTC assets to their own wallets rather than transacting.
Bitcoin, the world’s largest cryptocurrency in terms of market value, which has lost 0.78 percent in the last 24 hours, is traded at $ 25 thousand 957.
