Bitcoin supply on exchanges has dropped to its lowest level in six years, according to crypto analytics platform Santiment. On-chain data shows that only 5.8% of the total BTC supply is currently sitting on trading platforms.The low level of BTC supply on exchanges indicates that investors have not regained their trust in centralized platforms, and are instead opting for cold storage and self-custodial methods. This trend was further accelerated after the collapse of one of the largest cryptocurrency exchanges, FTX, in November 2020.Santiment also noticed significant activity in bitcoin whale transactions, with transactions surpassing $100,000 in value averaging 57,400 weekly. This activity has continued despite BTC’s recent plunge to the $25,000 level last week.On-chain analysis revealed that some whales and sharks holding 10 to 10,000 BTC had accumulated more than 11,600 BTC worth roughly $308 million between August 17 and August 24. As of yesterday, around 156,660 wallets were holding 10 to 10,000 BTC.The whale and shark accumulation spree was likely spurred by the filing of an application with the U.S. Securities and Exchange Commission for a spot Bitcoin exchange-traded fund in June by the world’s largest asset manager, BlackRock.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
9 |
| People |
BlackRock, U.S. Securities and Exchange Commission |
| Companies |
Santiment, FTX, Binance, BlackRock, SEC |
| Currencies |
Bitcoin, Ethereum, USD, Binance, FTX |
| Securities |
None |
