Bitcoin supply on exchanges hits 2021 lows
This week witnessed a brief pinnacle in Bitcoin's value, hitting the $70,000 mark, only to experience a downturn shortly after, as it struggled to maintain that level of growth, resulting in a noticeable dip.
As of the moment, the foremost digital currency is valued slightly above $67,000. However, with the quantity of Bitcoin available on exchanges dwindling to the lowest levels since December 2021, there's speculation of a potential positive shift on the horizon.
Diminishing Bitcoin Availability on Trading Platforms
Per a recent announcement by Santiment on social media, the quantity of Bitcoin present on trading platforms has plummeted to a low unseen since December 2021, with approximately 942,000 BTC currently up for grabs.
Despite Bitcoin's failure to launch a significant rally, this scarcity in exchange supply might play a key role in decreasing selling pressures. This pattern typically reflects a confident investor outlook, demonstrating a preference for retention over liquidation.
Conversely, Ethereum and Tether have seen an uptick in their available supplies on exchanges. The altcoin's supply is approximately 18 million ETH, which, although not surpassing the May 2020 record of 29.89 million ETH, is noteworthy during times of anticipation for the spot Ether ETF in the U.S market.
Moreover, the current supply of Tether on exchanges is nearing its peak of about 16.95 billion USDT from July 2022. This robust presence of the stablecoin might signal a bullish outlook, indicating investors are poised for buying opportunities.
Historically, a constrained supply of bitcoin ready for trade implies that sellers are scarce. This situation can alleviate bearish pressures across the market, underscoring a resilient holding pattern among investors.
Significant Bitcoin Accumulations by Whales
Analysis from CryptoQuant points towards a notable acquisition of over 20,000 BTC by whale accounts, indicating that these major players are capitalizing on the recent price adjustments to bolster their portfolios.
This trend underscores a solid investment interest from these whales, demonstrating their strategic market positioning amidst transient price volatilities.
