- According to recent on-chain data, the current supply of Bitcoin on exchanges have declined to newer levels.
- The new week looks promising for Bitcoin, as the apex cryptocurrency clears weekly losses, and heads towards the $26,000 price levels.
As market experts had previously predicted, Bitcoin’s supply has continued to dwindle. Newly obtained market metrics have strengthened these predictions, as Bitcoin holders seem to be taking a large number of Bitcoin assets off exchanges.
According to leading in-chain metrics platform Santiment, Bitcoin’s supply on exchanges have dropped to even lower levels. The drop reflects the highest decline in exchange supply in nearly 6 years.
At present, only a little over 5% of Bitcoin ‘s overall supply is still held on exchanges. In addition to this, an increase in whale transactions has also been spotted in the market.
“Just 5.8% of Bitcoin is currently sitting on exchanges, which is officially the lowest level crypto’s top market cap asset has seen since December 17, 2017. We are also continuing to see reasonable amounts of BTC whale transactions (57.4K per week).” Santiment wrote.
📈🧐 The top 10 assets by highest level of address activity:
1 @Bitcoin $BTC
2 @ethereum $ETH (#BinanceChain)
3 @Tether_to $USDT
4 @0xPolygon $MATIC
5 @litecoin $LTC
6 @Tether_to (#Polygon)
7 @worldcoin $WLD
8 #BinanceUSD $BUSD
9 @bitcoincashorg $BCH
10 @Tether_to (#Ethereum) pic.twitter.com/k3NPHLGVVv— Santiment (@santimentfeed) August 25, 2023
It bears mentioning that Bitcoin’s bullish patterns goes beyond the aforementioned data. Notably, Bitcoin has topped the list of assets with the highest level of pf address activity. Bitcoin, and 9 other assets, including Ether, USDT, and MATIC, have more than double the active addresses of any other asset on the market.
Bitcoin clears hourly losses, heads toward the $26,000 price mark
Meanwhile, the new week seems to be much more promising for Bitcoin and other cryptocurrencies in the market. A handful of assets have managed to successfully clear weekly losses, and have returned to the green zone; Bitcoin is one such asset.
The apex cryptocurrency has managed to secure mild gains over the last 24 hours, as trading volume skyrockets, with gains surging past 34%. Market cap is also correcting upwards. The asset now trades at a press time price of $25,984. If Bitcoin bulls are able to sustain buying pressure for much longer, the asset could surpass the $26,000 price mark, and potentially retest its previous high of $26,198.
On the other hand, Ethereum, the second most valued cryptocurrency by market cap, is also on a fundamentally bullish path. The on-chain analytics platform has revealed that 35% of Ethereum’s total supply is now being held by the 10 largest Ethereum addresses.
The new development, according to Santiment, might be due to market players capitulating their current position, as a result of the ongoing FUD, fueled by the recent crypto market decline.
As Santiment’s data reads;
“The 10 largest addresses on the Ethereum network are now holding over 35% of the available supply. By no means does this mean the [second-largest] asset in crypto is suddenly centralized, but it shows the capitulation of smaller traders showing FUD from this dip.”
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