Bitcoin continues to see its supply moving away from exchanges, reported blockchain analytics platform Santiment on Monday.
Over the past year, a net total of 403,200 BTC has moved off centralized trading platforms, representing a 2.1% reduction in the entire supply held on exchanges, according to the report.
In general, this is a positive long-term sign, according to Santiment.
“The less coins that exist on exchanges, the less likely we’ve historically seen a major sell-off that causes downside pressure for an asset’s price.”
Exchange Outflows Are Bullish
Investors usually take coins off exchanges to hodl or custody, which is bullish. They send them to exchanges in preparation for selling, which is bearish.
Around 14.7% of the total Bitcoin supply is currently held on exchanges, according to Glassnode. This has been in decline since mid-2022, when almost 18% was held on exchanges.
As Bitcoin’s market value hovers around $90K, crypto’s top market cap continues to see it
We współpracy z: https://cryptopotato.com/bitcoin-exchange-outflows-accelerate-despite-short-term-price-weakness/
