Bitcoin Supply On Exchanges Drops To Lowest Level Since December 2018 By Benzinga

Mortgage Rate Forecast Reveals "More Severe" Hit than Expected says Capital Economics

Bitcoin Supply On Exchanges Drops To Lowest Level Since December 2018

Published Mar 20, 2022 18:46 Updated Mar 20, 2022 19:40

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According to the Blockchain analytics firm Santiment, the overall supply of Bitcoin (CRYPTO: BTC) on crypto exchanges has slipped down to its lowest level in over three years.

#Bitcoin's ratio of supply sitting on exchanges continues dropping hard, down to its lowest level since December, 2018. There is 13.5% less $BTC on these exchange wallets compared to just 2 months ago, amounting to 1.6% less of the overall supply. https://t.co/UBjhm4sCrO pic.twitter.com/ai6ivigJNX
— Santiment (@santimentfeed) March 18, 2022

As of March 17, the total supply of Bitcoin on crypto exchanges was only 10.25% of its total supply or 1,946,069.41 BTC.

Also Read: Ethereum Classic Soars On Reaction To Key Pattern, Miners Gain Interest: Is A Golden Cross On The Way?

Santiment also points out that the recent price spike in BTC was triggered by a cascade of short sellers being liquidated as the value of Bitcoin moved higher, triggering a short squeeze.

#Bitcoin's rise to $42.3k today was propelled thanks to plenty of short liquidations. Funding rates continue to be a great source for indicating how traders place their bets, and peeking in to see if they're putting their money where their mouth is. https://t.co/TK2zx2mMsx pic.twitter.com/XZ0wbLZIeb
— Santiment (@santimentfeed) March 18, 2022

Price Check: Bitcoin was trading at $41,156.59 on Sunday afternoon, down 1.82% in the past 24 hours.

Read at Benzinga

Read the original article on Benzinga

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