Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- The quantity of Bitcoin (BTC) on exchanges has reached a 5-year low.
- Bitcoin’s social engagement is decreasing while altcoins are experiencing a rising trend.
- At the time of writing, BTC was trading in the $25.8K range.
The amount of Bitcoin (BTC) on centralized exchanges has dropped to its lowest level in five years amid the regulatory challenges faced by Binance and Coinbase with the SEC. As per on-chain data from Santiment, around 1,241,710 BTC are currently held on exchanges — the least since November 2018.
#Bitcoin's exchange supply has now fallen to its lowest level since February, 2018. Traders continue moving $BTC to self custody during the uncertainty surrounding #Binance & #Coinbase. As long as these #SEC lawsuits loom, this trend should continue. https://t.co/CBOxJ8oA07 pic.twitter.com/c7MQyMswgp
— Santiment (@santimentfeed) June 14, 2023
#Bitcoin's exchange supply has now fallen to its lowest level since February, 2018. Traders continue moving $BTC to self custody during the uncertainty surrounding #Binance & #Coinbase. As long as these #SEC lawsuits loom, this trend should continue. https://t.co/CBOxJ8oA07 pic.twitter.com/c7MQyMswgpDuring the stock market crash in 2020, the Bitcoin balance on exchanges peaked at an all-time high of 3,104,276 BTC — nearly 16% of the total supply. The data also indicated a significant decline of 60% from this peak to the current low.
It is not entirely accurate to attribute this decrease solely to a bear market. It also reflects the growing confidence among long-term Bitcoin holders. Additionally, the BTC supply that was last active over a decade ago has reached an all-time high of 2.84 billion. Long-term traders and investors demonstrate their strong conviction in a potential reversal of the ongoing downtrend.
Related Posts
Nevertheless, BTC is currently experiencing another challenging phase — a drop in social volumes. Bitcoin, which reached its peak in March, is now being outperformed in trend by altcoins such as XRP, Ethereum, and Binance Coin.
US Stocks End Correlation with Bitcoin (BTC)?
Following the release of favorable US CPI data, US stocks displayed one of the most notable bullish rallies on Tuesday. The S&P 500 and NASDAQ surpassed cryptocurrencies. This indicates a potential reduction in the correlation between crypto and the stock market. BTC recorded its lowest close below $26,000 last week, while the S&P 500 reached its highest close in 14 months.
Bitcoin (BTC) Price Chart (Source: TradingView)
In a daily context, BTC continues to operate within a bearish trend as the price remains below the short-term 50EMA. At the time of this analysis, the cryptocurrency’s RSI was at 41.5, indicating its closeness to the oversold territory. According to CoinMarketCap, at the time of writing, the Bitcoin (BTC) price was $25,882. Over the last 24 hours, its trading volume showed an increase of 12.76%.
Recommended For You:
Crypto Roller-Coaster: The Top 10 Most Volatile Coins of the Month
