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BTC’s supply on crypto exchanges has fallen below 7% for the first time since November 24th, 2018

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by COINS NEWS 61 Views

BTC’s supply on crypto exchanges has fallen below 7% for the first time since November 24th, 2018

Looking at Glassnode’s chart, the current rate of BTC leaving crypto exchange platforms is at its highest in over four years.

“Just 6.95% of Bitcoin is sitting on exchanges, according to Santimentfeed data. There had already been a gradual shift in BTC moving into self-custody going back to Black Thursday (Mar 2020). But with the FTX fallout, this trend has accelerated.”

Earlier this month, Santiment noted that crypto has a history of bouncing when market participants shift their focus away from digital asset exchanges.

“Crypto generally thrives when exchanges are NOT a focal point. The most impactful exchange collapse ever will have lasting shockwaves. But as shown, the key for a turnaround will likely be focus moving away from exchange tokens and back to Bitcoin.”

https://preview.redd.it/eefp96h5jn2a1.png?2569&format=png&auto=webp&s=ed7eb843ceaeeceeef672fed1a9c36c070940986

Source: https://dailyhodl.com/2022/11/28/staggering-2800000000-in-bitcoin-btc-has-exited-crypto-exchanges-in-just-one-month-glassnode/

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