BTC’s supply on crypto exchanges has fallen below 7% for the first time since November 24th, 2018
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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.” submitted by /u/mesutdmn |
