In a startling revelation in the cryptocurrency market, the latest data retrieved by Finbold from the behavior analytics platform Santiment on August 24 paints a vivid picture of Bitcoin’s (BTC) supply dynamics.
The figures highlight a significant development, as only 5.8% of the total Bitcoin supply is presently held on exchanges. This marks a historic low for the pioneer cryptocurrency’s top market cap asset, a level not witnessed since the heady days of December 17, 2017.
BTC supply on exchanges. Source: Santiment
This intriguing trend comes as the culmination of various factors converging within the cryptocurrency ecosystem. One driving force behind this decline in exchange-held Bitcoin is the growing shift towards long-term holding strategies among investors.
As confidence in Bitcoin’s potential to act as a robust store of value strengthens, individuals are opting to move their holdings into private wallets, reducing the availability of Bitcoin for trading on exchanges.
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