Bitcoin Supply on Exchanges Slides to Three-Year Low
Supply is likely dropping as traders and investors increasingly choose to self custody bitcoin holdings amid regulatory and exchange risks.
Jun 14, 2023 at 10:33 a.m. UTCBitcoin supply on crypto exchanges has slipped to its lowest levels since February 2018, data from on-chain analytics firm Santiment shows.
A large drop came recently after the U.S. Securities and Exchange Commission (SEC) accused major exchanges Binance and Coinbase of offering unregistered securities to U.S. customers – with 6.4% supply leaving exchanges in the past week.
Supply has been steadily falling since 2020 when it peaked in the depths of a then-bear market, the data shows. This suggests traders and investors have been continually taking their bitcoin off exchanges in favor of self-custody, as per Santiment.
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