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Bitcoin Exchange Supply Dwindles, Signaling Potential Market Shift

Published 13/06/2024, 19:00
© Reuters.  Bitcoin Exchange Supply Dwindles, Signaling Potential Market Shift
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Coin Edition -

  • Bitcoin’s exchange supply hits a two-year low.
  • Whales withdraw BTC from exchanges, signaling bullishness.
  • Reduced BTC on exchanges could ease selling pressure.

Despite Bitcoin’s recent struggles amidst broader bearish market pressures, on-chain data suggests a potential shift in momentum, as the cryptocurrency’s supply on exchanges hits a two-year low.

After a previous dip, Bitcoin reached a high of $69,977 the previous day, only to decline to $67,028 early today, further impacting altcoins.

However, on-chain data suggests that the ongoing market sell-off might soon pause. In a post on X, market intelligence platform Santiment revealed that Bitcoin’s supply on exchanges has dropped to its lowest level since December 2021. Specifically, centralized trading platforms now hold a Bitcoin reserve of approximately 942,000 BTC tokens valued at over $63 billion.

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