Bitcoin Exchanges Hit 3-Year Low in Supply

In a significant development, the supply of Bitcoin on crypto exchanges has plummeted to its lowest level since February 2018, according to data from Santiment.

Amidst SEC allegations against Binance and Coinbase, Bitcoin supply on exchanges has hit a 3-year low. In the past week, nearly 6.4% of the total Bitcoin supply has been withdrawn, reflecting a growing trend of investors prioritizing self-custody solutions.

📉 #Bitcoin's exchange supply has now fallen to its lowest level since February, 2018. Traders continue moving $BTC to self custody during the uncertainty surrounding #Binance & #Coinbase. As long as these #SEC lawsuits loom, this trend should continue. https://t.co/CBOxJ8oA07 pic.twitter.com/c7MQyMswgp
— Santiment (@santimentfeed) June 14, 2023

The data reveals a consistent decline in supply since 2020, indicating a growing trend of traders and investors moving their Bitcoin off exchanges and opting for self-custody solutions. This shift suggests a heightened preference for enhanced security and control over digital assets.

As Bitcoin supply on exchanges dwindles, it underscores the increasing demand for decentralized storage options, further cementing the narrative of individuals taking greater responsibility for safeguarding their cryptocurrency holdings.

Also Read: Bitcoin Ordinals Releases Upgrade to Address Over 71,000 ‘Cursed Inscriptions’

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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