Bitcoin Supply on Crypto Exchanges Drops to Lowest Level in 5 Years
Since November 2022, investors have been gradually withdrawing cryptocurrencies from exchange wallets.
Even though their tactic has not changed, traders are sending bitcoins to offline storage.
According to Santiment’s analysts, the amount of cryptocurrencies in trading floors has reached its five-year low, last seen in February 2018.
The recent lawsuits against major platforms such as Binance and Coinbase have helped accelerate the withdrawal of BTC from exchanges, leading to a maximum drop of the digital coin within March 2020.
Furthermore, Santiment also noticed a drastic increase in the whale wallets which store more than 1,000 coins.
Taking advantage of the recent 10% depreciation in BTC, whales have been rapidly buying significant amounts of cryptocurrency for two months, resulting in a net acquisition of 57,578 coins.
As such, they redistribute capital to trigger a correction in the price.
