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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Bitcoin Supply On Exchanges Hits New Multi-Year Low Of 13.27%

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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On-chain data shows that the Bitcoin supply on exchanges has continued to go down despite the crash, and has now hit a multi-year low of 13.27%.

Percentage of Bitcoin Supply On Exchanges Sinks To Multi-Year Low

As per the latest weekly report from Glassnode, the percentage of the BTC supply on exchanges has now declined to a multi-year low of around 13.27%.

The “percentage of supply on exchanges” is an indicator that measures the percent of the total circulating Bitcoin supply that’s currently stored in exchange wallets.

When the value of this indictor goes up, it means the amount of coins held by exchanges is going up. This trend can be bearish for the price of the crypto as investors usually deposit their BTC to exchanges for selling purposes.

On the other hand, when the metric moves down, it implies holders are withdrawing their coins from exchanges, thus reducing their reserve.

Such a trend may be bullish for Bitcoin as the supply on exchanges is usually considered the selling supply, and it going down would mean there is lesser sell pressure in the market.

Related Reading | Why Bitcoin Could Hit $90K By The End Of 2022, According To This Prediction

Now, here is a chart that shows the trend in the percentage of BTC supply on exchanges over the past year:

Bitcoin Percent Supply On Exchanges

Looks like the value of the indicator has been on a downtrend for a while now | Source: The Glassnode Week Onchain - Week 5, 2022

As you can see in the above graph, the percentage of the Bitcoin supply on exchanges has now hit a multi-year low of 13.27%.

It seems like the indicator has continued on a downtrend despite the struggling price of the crypto recently. Since the all-time high in November, the metric has decreased by about 0.28% as 42.9k BTC has exited exchanges during the period.

Related Reading | This Bitcoin Volatility Index Pattern Suggests A Short Squeeze May Be Near

This trend has been different from what happened following the crash in May of last year. There, the exchange supply rose up and sustained at high values for a while until the price started moving back up again.

The current reducing exchange supply shows investors may be in a state of accumulation, which could be bullish for the price of Bitcoin in the long term.

BTC Price

At the time of writing, Bitcoin’s price floats around $38.5k, up 6% in the last seven days. Over the past month, the crypto has lost 17% in value.

The below chart shows the trend in the price of BTC over the last five days.

Bitcoin Price Chart

BTC's price seems to have held steady above the $38k price mark in the last few days | Source: BTCUSD on TradingView
Featured image from Unspash.com, charts from TradingView.com, Glassnode.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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