Bitcoin Exchange Supply Hits the Lowest Level in 42 Months

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Bitcoin stock on major crypto trading platforms has plunged to its lowest level since November 2018 amid the recent market correction. According to data posted by online analytics platform Santiment, exchanges of digital assets now hold only 9.3% of the BTC stock, compared to almost 15% in June 2020.

While the Bitcoin stock exchange has declined in recent years, the percentage of USDT stock on outstanding exchanges has sharply increased over the same period. Cryptocurrencies currently account for about 38.4% of the total USDT stock.

Feeling

Santiment.net

“The proportion of Bitcoin supply continues to remain low at levels last seen in November 2018. This is a good signal of limited future selling risk. In the meantime, Tether supply continues to explode to exchanges, indicating greater purchasing power,” Santiment said. highlighted in a recent Tweet.

On June 22, 2022, Whale Alert highlighted the movement of 1,400 BTC from Coinbase digital exchange to an unknown wallet. According to details shared by the blockchain tracking platform, the $ 28 million transfer value was implemented at 13:43 UTC.

Bitcoin Dip

On Thursday, BTC recovered to a price level of $ 20,000 after falling by nearly $ 17,700 last week. While cryptocurrency activity has jumped by more than 3% in the last 24 hours, it is still down about 68% from its all-time high in November 2021.

“The Bitcoin market has now undergone two separate capitulation phases since the ATH in November 2021. The first phase was triggered by the strength of the Luna Foundation Guard selling its 80k + BTC, and the second this week by a massive downturn of the entire industry, and Miners are now under severe financial stress, with BTC trading close to the estimated cost of production, revenue well below its annual average, and a hash rate noticeably coming out of ATHs, “Glassnode noted in its weekly report. .

Bitcoin stock on major crypto trading platforms has plunged to its lowest level since November 2018 amid the recent market correction. According to data posted by online analytics platform Santiment, exchanges of digital assets now hold only 9.3% of the BTC stock, compared to almost 15% in June 2020.

While the Bitcoin stock exchange has declined in recent years, the percentage of USDT stock on outstanding exchanges has sharply increased over the same period. Cryptocurrencies currently account for about 38.4% of the total USDT stock.

Feeling

Santiment.net

“The proportion of Bitcoin supply continues to remain low at levels last seen in November 2018. This is a good signal of limited future selling risk. In the meantime, Tether supply continues to explode to exchanges, indicating greater purchasing power,” Santiment said. highlighted in a recent Tweet.

On June 22, 2022, Whale Alert highlighted the movement of 1,400 BTC from Coinbase digital exchange to an unknown wallet. According to details shared by the blockchain tracking platform, the $ 28 million transfer value was implemented at 13:43 UTC.

Bitcoin Dip

On Thursday, BTC recovered to a price level of $ 20,000 after falling by nearly $ 17,700 last week. While cryptocurrency activity has jumped by more than 3% in the last 24 hours, it is still down about 68% from its all-time high in November 2021.

“The Bitcoin market has now undergone two separate capitulation phases since the ATH in November 2021. The first phase was triggered by the strength of the Luna Foundation Guard selling its 80k + BTC, and the second this week by a massive downturn of the entire industry, and Miners are now under severe financial stress, with BTC trading close to the estimated cost of production, revenue well below its annual average, and a hash rate noticeably coming out of ATHs, “Glassnode noted in its weekly report. .



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