As the market rally continues, investor sentiment appears to be increasingly positive. This is seen in the way traders move and store their assets.
Data analyzed by the market intelligence platform Santiment revealed that the supply of bitcoin (BTC) and ether (ETH) on crypto exchanges has hit multi-year lows. While this development does not guarantee anything, it is a major bullish sign and has vast implications for the market.
BTC and ETH Exchange Supply Dries Up
According to Santiment, BTC’s supply on exchanges has fallen to 7.1% for the first time since November 2018. Over the last five years, there has been 1.7 million less BTC on crypto trading platforms.
Similarly, ETH now has less than 4.9% of its supply on crypto exchanges for the first time in more than 10 years. It also has 15.3 million fewer coins on trading platforms over the last five years.
A shrinking supply of a certain cryptocurrency on exchanges often means a decline in assets available for immediate sale. This also
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