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.