Bitcoin Supply on Exchanges Slides to Three-Year Low

Bitget App

Trade smarter

Bitget

News

Markets

Bitcoin Supply on Exchanges Slides to Three-Year Low

Coindesk2023/06/14 17:03

By:Shaurya Malwa

Supply is likely dropping as traders and investors increasingly choose to self custody bitcoin holdings amid regulatory and exchange risks.

Bitcoin supply on crypto exchanges has slipped to its lowest levels since February 2018, data from on-chain analytics firm Santiment shows.

A large drop came recently after the U.S. Securities and Exchange Commission (SEC) accused major exchanges Binance and Coinbase of offering unregistered securities to U.S. customers – with 6.4% supply leaving exchanges in the past week.

Supply has been steadily falling since 2020 when it peaked in the depths of a then-bear market, the data shows. This suggests traders and investors have been continually taking their bitcoin off exchanges in favor of self-custody, as per Santiment.

Edited by Oliver Knight.

128

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

Last week, Vitalik Buterin and CZ hosted the DeSci (Decentralized Science) conference at Devcon, where Vitalik unveiled the first DeSci product. CZ also expressed ambitions to see 1000 DeSci products next year, sparking widespread attention to the DeSci concept across the industry. Key speculative projects, RIF and URO, each surpassed a market cap of $100 million. As the sector continues to grow, DeSci remains an area worth close attention.

Bitget•2024/11/22 06:24