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Bitcoin Supply on Exchanges Hits the Lowest Level since November 2018

Bitcoin Supply on Exchanges Hits the Lowest Level since November 2018

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Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

The price of Bitcoin did not make a significant move last week as the most dominant digital asset remained below $20,000 over the weekend. However, the supply of Bitcoin on leading crypto exchanges has fallen sharply in recent years.

According to recent on-chain data from Santiment, the supply of Bitcoin on digital asset trading platforms is now around 1.74 million, the lowest level since November 2018. Santiment noted that the number has dropped significantly over the past 30 months.

In March 2020, there were approximately 2.9 million Bitcoins on the exchange. Since then, the number has dropped by more than 40 percent.

“Throughout the ongoing volatility since the beginning of 2020, the supply of Bitcoin continues to be pulled from exchanges. During a downtrend like crypto in 2022, it is common to see the share of long-term holders in the total supply, Santiment highlighted.

In most cases, BTC whales moved their crypto holdings from trading platforms to digital wallets. As a result, the leading Bitcoin addresses now contain a significant portion of the total BTC supply.

Crypto Market

On Monday, digital currencies failed to regain the $1 trillion market cap. Commenting on the latest crypto market developments, Simon Peters, market analyst at eToro said: “Crypto markets have again remained largely stagnant over the past seven days due to continued uncertainty over expected Fed rate hikes. Bitcoin is currently trading below $20,000 as its increasingly close correlation with stocks continues.Like Bitcoin’s swing, the Nasdaq and S&P closed down 3.25% and 2.7%, reflecting another tough week for the market.

“Ether has fared a bit better, now trading at $1,560, about the same level as last week. This likely reflects a rally around the upcoming Merge, which is coming up quickly on September 15th. While the Fed’s hawkish approach will no doubt affect sentiment, we have also entered September, which is statistically one of the most difficult months to invest,” Peters added.

The price of Bitcoin did not make a significant move last week as the most dominant digital asset remained below $20,000 over the weekend. However, the supply of Bitcoin on leading crypto exchanges has fallen sharply in recent years.

According to recent on-chain data from Santiment, the supply of Bitcoin on digital asset trading platforms is now around 1.74 million, the lowest level since November 2018. Santiment noted that the number has dropped significantly over the past 30 months.

In March 2020, there were approximately 2.9 million Bitcoins on the exchange. Since then, the number has dropped by more than 40 percent.

“Throughout the ongoing volatility since the beginning of 2020, the supply of Bitcoin continues to be pulled from exchanges. During a downtrend like crypto in 2022, it is common to see the share of long-term holders in the total supply, Santiment highlighted.

In most cases, BTC whales moved their crypto holdings from trading platforms to digital wallets. As a result, the leading Bitcoin addresses now contain a significant portion of the total BTC supply.

Crypto Market

On Monday, digital currencies failed to regain the $1 trillion market cap. Commenting on the latest crypto market developments, Simon Peters, market analyst at eToro said: “Crypto markets have again remained largely stagnant over the past seven days due to continued uncertainty over expected Fed rate hikes. Bitcoin is currently trading below $20,000 as its increasingly close correlation with stocks continues.Like Bitcoin’s swing, the Nasdaq and S&P closed down 3.25% and 2.7%, reflecting another tough week for the markets.

“Ether has fared a bit better, now trading at $1,560, about the same level as last week. This likely reflects a rally around the upcoming Merge, which is coming up quickly on September 15th. While the Fed’s hawkish approach will no doubt affect sentiment, we have also entered September, which is statistically one of the most difficult months to invest,” Peters added.

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