On-chain data shows that the Bitcoin exchange supply has only continued to slip further recently despite the price drop to the $29,200 that BTC has observed. Bitcoin Exchange Supply Has Declined To Just 1.17 Million BTC Now According to data from the on-chain analytics firm Santiment, the latest decline in the price doesn’t look to have triggered a severe reaction from the market yet. The relevant indicator here is the “supply on exchanges,” which measures the total amount of Bitcoin supply that’s currently being stored in the wallets of all centralized exchanges. When the value of this metric goes up, it means that the investors are making a net amount of deposits to these platforms right now. As one of the main reasons why the holders would transfer their coins to exchanges is for selling-related purposes, this kind of trend can have bearish consequences for the price. On the other hand, the indicator’s value decreasing suggests the investors are taking coins off to self-custodial wallets, potentially to hold onto them for extended periods. Naturally, such accum ..
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