BTC supply on exchanges has fallen to its lowest since the end of 2017
Earlier, the asset again crossed the $46 000 mark
09.02.2024 - 07:50
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What’s new? Experts of the analytics platform Santiment have recorded a sharp drop in the volume of bitcoin supply on exchanges. The indicator fell to 5,3%, which is the minimum since December 2017. According to them, this was facilitated by the bearish sentiment of traders over the past three weeks.
What else is known? The company also noted that bitcoin’s dominance continues to grow, as on February 9, the asset’s exchange rate crossed the $46 000 mark again for the first time in a month, momentarily rising to $48 969 on the Binance exchange.
On January 10, the rise was due to the approval of spot exchange-traded funds (ETFs) based on the asset in the United States. At the time of writing, BTC is trading at $46 270, having added 4% overnight, with a weekly gain of 7,4%.
The new jump in Santiment was explained by the increase in the accumulations of large holders. Thus, for 4 weeks, wallets with a balance of 1000 BTC and more accumulated another 1,03% of the total supply of the asset and by February 8 held 40,16%. This figure became the maximum for the last 14 months.
Earlier, MicroStrategy, the largest holder of BTC among publicly traded companies, said it had invested another $1,25 billion in the asset. In the past, news of the company’s investment in BTC has repeatedly triggered spikes in its exchange rate.
ARK Invest CEO Cathie Wood said that after the approval of spot BTC ETFs in the US, bitcoin has started to displace gold as a store of value. She believes the trend will continue, given that ETFs make it easier to access the cryptocurrency. ARK Invest has also launched a bitcoin fund in the US with 21Shares, with shares trading under the ticker ARKB on the CBOE exchange.
As of February 7, positive fund flows for ten US spot BTC ETFs have been maintained for nine consecutive days.
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