Bitcoin Supply on Exchanges Slides to Three-Year Low

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Bitcoin Supply on Exchanges Slides to Three-Year Low

Coindesk2023/06/14 17:03

By:Shaurya Malwa

Supply is likely dropping as traders and investors increasingly choose to self custody bitcoin holdings amid regulatory and exchange risks.

Bitcoin supply on crypto exchanges has slipped to its lowest levels since February 2018, data from on-chain analytics firm Santiment shows.

A large drop came recently after the U.S. Securities and Exchange Commission (SEC) accused major exchanges Binance and Coinbase of offering unregistered securities to U.S. customers – with 6.4% supply leaving exchanges in the past week.

Supply has been steadily falling since 2020 when it peaked in the depths of a then-bear market, the data shows. This suggests traders and investors have been continually taking their bitcoin off exchanges in favor of self-custody, as per Santiment.

Edited by Oliver Knight.

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