New data reveals lowest supply of Bitcoin on crypto exchanges in over half a decade
Data from crypto analytics firm Santiment shows that the supply of Bitcoin (BTC) on crypto exchanges is currently at its lowest point in over half a decade. Only 5.8% of Bitcoin’s overall supply is currently sitting on crypto exchange platforms, the lowest level since December 2017. Santiment also notes that Bitcoin is leading in terms of address activity, followed by Tether (USDT), Ethereum (ETH), Polygon (MATIC), and Litecoin (LTC). The market analytics firm also highlights that the 10 largest addresses associated with Ethereum now hold 35% of the altcoin’s overall supply. Santiment suggests that smaller investors are capitulating their positions out of fear, doubt, and uncertainty due to the recent crypto market dip.
- Bitcoin supply on crypto exchanges is at its lowest level since December 2017
- Bitcoin has the highest amount of address activity among digital assets
- Tether, Ethereum, Polygon, and Litecoin have significantly more active addresses compared to other cryptocurrencies
- 10 largest addresses on Ethereum hold 35% of the altcoin’s overall supply
- Smaller investors are capitulating their positions out of fear, doubt, and uncertainty
Hot Take: The low supply of Bitcoin on crypto exchanges indicates a potential trend of investors holding onto their BTC rather than trading it. This could have implications for the price of Bitcoin in the future as scarcity increases. Additionally, the concentration of Ethereum’s supply in the hands of a few large addresses raises questions about decentralization and the impact of market sentiment on smaller traders.
By
By
By
By
By