The $BTC supply on exchanges has dropped to its lowest point since February 2018! What could this mean for Bitcoin and the crypto market? Read more here -
A main factor for the continuing trend could be the recent legal battles that the US SEC launched against the two crypto behemoths – Binance and Coinbase – and the subsequent trust issues that some might have with the exchanges.Binance, CEO Changpeng Zhao, and Binance.US of offering unlicensed products to customers, such as its native token BNB and the stablecoin BUSD, and filed a lawsuit against them.
Santiment’s graph also showed that the most extensive withdrawals of BTC from exchanges came after the FTX collapse at the end of last year. As such, it’s safe to assume that the percentage of bitcoin stored on exchanges will continue to be on the lower end as there’s a lot of uncertainty around trading platforms.
However, that’s generally a positive sign for the asset, as the selling pressure should be a lot less given the fewer BTC stored on exchanges.
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