Bitcoin‘s circulating supply off exchanges is currently at 18.19 million coins, the highest quantity ever seen. The present data reflects an increasing trend of BTC withdrawals from centralized exchanges, which increased dramatically following the FTX crash last month. In comparison, just 1.16 million BTC tokens are now available on exchanges.
Santiment, a cryptocurrency analytics firm, has brought the development to the public’s attention. According to Santiment statistics, BTC supply on exchanges has consistently reached all-time highs in recent months, with the current supply of 18.19 million tokens being the most recent ATH.
Contrarily, BTC supply has been steadily falling on exchanges, and the most recent value of 1.16 million is the lowest since November 2018. This underlines a significant outflow of BTC from exchanges, which accelerated after the FTX meltdown as investors’ faith in centralized exchanges decreased. Self-custody is getting more popular among investors.
Santiment disclosed on Thursday through a tweet:
“Illustrated is the 10-year long-term view of Bitcoin’s funds moving on and off exchanges. The amount of coins in self custody continues creating a new AllTimeHigh, now at 18.2M $BTC. Meanwhile, coins on exchanges is at just 1.2M $BTC, a 4-year low”
Bitcoin On-Chain Indicators Remain Positive
The mass removal of BTC from exchanges is also a bullish sign, as investors frequently deposit assets and maintain them on exchanges when they intend to sell them. Taking one’s assets off exchanges, on the other hand, frequently shows a desire to keep them for an extended time.
Meanwhile, the CryptoQuant BTC Exchange Reserve indicator is encouraging, as a decline in exchange reserves signals a reduction in selling pressure. The metric supports the Santiment data even more.
Additionally, despite the current drop, the majority of BTC on-chain indicators show optimistic trends. The Binary CDD shows little movement among long-term holders. In addition, investors are selling at a loss, which could point to a market bottom in a bear market, according to the Adjusted SOPR (aSOPR) metric.
The CEO of the trading business Factor LLC, Peter Brandt, a seasoned trader, recently sent a cryptic message that may have foretold a BTC collapse below $10K before a rally to $120K. As of the time of publication, BTC is trading at $16,836, up 1% over the previous day.
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