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Bitcoin exchange supply hits lowest level in 42 months

Bitcoin exchange supply hits lowest level in 42 months

Bitcoin supply on the major crypto trading platform has fallen to its lowest level since November 2018 amid a recent market correction. According to data posted by on-chain analytics platform Santiment, digital asset exchanges now account for just 9.3% of the BTC supply, compared to around 15% in June 2020.

While the bitcoin exchange supply has declined over the past few years, the percentage of USDT supply on major exchanges has risen sharply during the same period. Crypto exchanges currently hold approximately 38.4% of the total USDT supply.

sentiment.net

“Bitcoin supply ratio remains low at levels last seen in November 2018. This is a good sign of limited future sell-off risk. Meanwhile, Tether supply on exchanges is skyrocketing, providing more buying power. indicates,” sentiment Thrown light on In a recent tweet.

On 22 June 2022, Whale Alert highlighted the movement of 1,400 BTC from digital exchange, Coinbase, to an undisclosed wallet. According to details shared by the blockchain tracking platform, $28 million worth of transfers took place at 13:43 UTC.

bitcoin dip

BTC reclaimed the $20,000 price level on Thursday after hitting a low of around $17,700 last week. Although the crypto asset has gained over 3% in the last 24 hours, it is still trading around 68% down from its all-time high in November 2021.

“The bitcoin market has now experienced two distinct capitulation phases since ATH in November 2021. The first phase was initiated by the Luna Foundation guard force selling its 80k+ BTC, and the second this week for the industry at large. -Which was initiated through wide-delivering. off-chain. “The miners are now under significant financial stress, trading BTC near their estimated cost of production, earning significantly less than their annual average, and “miners are now under significant financial stress,” Glassnode said in its weekly report. The hash-rate is coming down significantly.”

Bitcoin supply on the major crypto trading platform has fallen to its lowest level since November 2018 amid a recent market correction. According to data posted by on-chain analytics platform Santiment, digital asset exchanges now account for just 9.3% of the BTC supply, compared to around 15% in June 2020.

While the bitcoin exchange supply has declined over the past few years, the percentage of USDT supply on major exchanges has risen sharply during the same period. Crypto exchanges currently hold approximately 38.4% of the total USDT supply.

sentiment.net

“Bitcoin supply ratio remains low at levels last seen in November 2018. This is a good sign of limited future sell-off risk. Meanwhile, Tether supply on exchanges is skyrocketing, providing more buying power. indicates,” sentiment Thrown light on In a recent tweet.

On 22 June 2022, Whale Alert highlighted the movement of 1,400 BTC from digital exchange, Coinbase, to an undisclosed wallet. According to details shared by the blockchain tracking platform, $28 million worth of transfers took place at 13:43 UTC.

bitcoin dip

BTC reclaimed the $20,000 price level on Thursday after hitting a low of around $17,700 last week. Although the crypto asset has gained over 3% in the last 24 hours, it is still trading around 68% down from its all-time high in November 2021.

“The bitcoin market has now experienced two distinct capitulation phases since ATH in November 2021. The first phase was initiated by the Luna Foundation guard force selling its 80k+ BTC, and the second this week for the industry at large. -Which was initiated through wide-delivering. off-chain. “The miners are now under significant financial stress, trading BTC near their estimated cost of production, earning significantly less than their annual average, and “miners are now under significant financial stress,” Glassnode said in its weekly report. The hash-rate is coming down significantly.”

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Bitcoin exchange supply hits lowest level in 42 months

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