Bitcoin supply on leading crypto trading platforms has plunged to its lowest level since November 2018 amid the recent market correction. According to the data posted by on-chain analytics platform Santiment, digital asset exchanges now hold just 9.3% of the BTC supply, compared to almost 15% in June 2020.
While the Bitcoin exchange supply has dipped in the past few years, the percentage of USDT supply on prominent exchanges has increased sharply during the same period. Crypto exchanges currently have approximately 38.4% of the total USDT supply.
“The ratio of Bitcoin’s supply continues staying low at levels last seen in November 2018. This is a good signal of limited future selloff risk. In the meantime, Tether supply continues skyrocketing on to exchanges, indicating greater buying power,” Santiment highlighted in a recent Tweet.
On 22 June 2022, Whale Alert highlighted the movement of 1,400 BTC from digital exchange Coinbase to an unknown wallet. According to the details shared by the blockchain tracking platform, the $28 million worth of transfer was executed at 13:43 UTC.
On Thursday, BTC regained the price level of $20,000 after a low of almost $17,700 last week. While the crypto asset jumped by more than 3% in the last 24 hours, it is still trading down by approximately 68% from its all-time high in November 2021.
“The Bitcoin market has now experienced two distinct capitulation phases since the ATH in November 2021. The first phase was triggered by the Luna Foundation Guard force selling its 80k+ BTC, and the second this week via a massive industry-wide deleveraging, both on and off-chain. Miners are now under significant financial stress, with BTC trading near the estimated cost of production, incomes well below their yearly average, and hash-rate noticeably coming off ATHs,” Glassnode noted in its weekly report.