Santiment has recorded a drop in the BTC supply on exchanges to the lowest since December 2021
At the same time, the supply of other major assets on trading platforms continues to grow
13.06.2024 - 08:47
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What’s new? Experts of the analytics blockchain platform Santiment have recorded a sharp decline in the supply of bitcoin on crypto exchanges. On June 10, the figure reached 942 170 BTC, which is the lowest since December 22, 2021. At the time of writing, BTC is trading at $67 644 on Binance, having added 0,42% overnight. The weekly drop was 4.-,6%, with YTD gains exceeding 60%.
What else is known? According to experts, while bitcoins are withdrawn from exchanges, the supply of other assets from the top 3 by market capitalization, on the contrary, is growing. Thus, trading platforms placed 17,98 million native tokens of the Ethereum blockchain, which is the highest since September 2022. The absolute record was reached in May 2020 at 29,89 million coins.
CryptoQuant records a record daily outflow of ETH from the Coinbase exchange for the year
Since June 11, users have withdrawn more than 336 000 coins from the platform
In turn, the supply of Tether’s USDT stablecoins on exchanges reached 16,04 billion, approaching the historic high of 16,95 billion set in June 2022.
Santiment, citing historical data, noted that with a limited supply of BTC for sale, the downside risk is reduced for all cryptocurrencies.
USDT accounted for 69% of the inflow of funds into the stablecoin sector over the past 90 days
Overall, stablecoins have raised $16,23 billion since March
On June 11, Santiment recorded a local peak in trading volume of spot bitcoin exchange-traded fund (ETF) shares at $2,89 billion. The previous local peak was reached on May 15 ($2,91 billion), and the absolute record was set on March 5 ($11,13 billion).
Analysts allowed the possibility that the latest volume spike was a reaction of traders to the depreciation. They also noted that after such jumps, there is a high probability of price reversal towards growth.
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