Bitcoin supply is at its lowest since 2018. The cryptocurrency’s supply has been plunging on major crypto platforms, as data from on-chain analytic Santiment reveals. According to the data, digital exchanges currently hold only 9.3% of all the BTC supply. In June 2020 that number was 15 percent.
According to Santiment, the dip of BTC’s supply is a good thing, or as the agency calls it a “good signal of limited future sell-off risk“. It also noted that the supply of Tether is currently skyrocketing in exchanges.
Despite the dip of BTC supply, USDT is doing very good. Its presence on major exchanges has spiked in the same time as BTC plunge. Data suggests that crypto exchanges have acquired approximately 38.4% of the total supply of USDT.
This Thursday BTC went above $20 000 after hitting a very low $17 000 last week. In the last two days of writing this the digital currency rose with 3%. However, it is currently more than 60% lower than its record high price from November 2021.
Glassnode, another crypto-based information agency, commented on Bitcoin’s current position as a result of two major events since the digital coin’s all-time-high period in November 2020. The first is the Luna Foundation Guard, which saw the firm selling over 80 000 Bitcoins. The second trigger is a massive so-called deleveraging both on chain and off.
