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- Bitcoin supply on exchanges has reached a 5-year low of around 2.29 million BTC.
- Bitcoin’s supply on exchanges has decreased from 5.99% to 5.73% since September 1, indicating reduced selling pressure.
- Whales hoard Bitcoin, controlling more than 66% of the circulating supply, and the top 1% of Bitcoin addresses own approximately 19.3 million coins.
The supply of Bitcoin (BTC) on cryptocurrency exchanges has fallen to record levels recently. In the following lines, we will note whether this can be considered a sign of higher prices in the future.
According to blockchain data platform Glassnode, there is a balance of BTC on cryptocurrency markets Retrieved To a 5-year low of approximately 2.29 million BTC. In comparison, the number was well above the 3.2 million level at the beginning of 2020.
Behavioral analysis platform Santiment has also noted this development, estimating that Bitcoin supply on exchanges has fallen from around 6% at the beginning of September to 5.73% so far. Additionally, it revealed that some whales executed transactions worth hundreds of millions shortly before the leading digital asset soared to over $28,000 on October 2.
before #Bitcoin After exceeding $28,000 for the first time in 6 weeks, there were 4 transactions worth between $187 million and $346 million. Supply $ Bitcoin The interest rate on the exchanges has decreased from 5.99% to 5.73% since September 1, which is a continuing good sign. https://t.co/xnUS5r6u2w pic.twitter.com/5vCsksuUDu
— Santiment (@santimentfeed) October 2, 2023
Exchange outflows are usually viewed as bullish for the asset price because they reduce selling pressure and indicate long-term investor sentiment.
The whales have been on a piling spree
like CryptoPotato newly mentionedSharks and whales have been buying Bitcoin with increasing fervor over the past couple of months and currently control more than 66% of the circulating supply of the underlying digital asset.
It is also worth noting that the top 1% of Bitcoin addresses own approximately 19.3 million coins (to date, there are approximately 19.5 million coins in production).
We released a video providing information about the six Bitcoin billionaires. Those wishing to learn more can click on the clip below:
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