There are now 18.19 million bitcoins in the market, and only 1.16 million of them are on trading platforms. This statistic comes as a result of a drastic spike in BTC withdrawals from centralized exchanges following last month’s collapse of FTX.
According to statistics from crypto analytics website Santiment, the number of BTC foreign exchanges has been growing steadily over the past few months. The latest stat of 1.16 million represents the lowest level of its supply on exchanges since November 2018.
This trend continues as investors have had to contend not only with defaults specific to cryptocurrencies, but also with rising interest rates that have put pressure on risky assets.
Additionally, they are moving towards self-custody as their reliance on centralized exchanges waned after the FTX collapse. However, the 10-year long-term view of Bitcoin’s funds flowing on and off exchanges was illustrated by Santiment in a recent tweet.
It notes that the amount of self-custodial coins hit a new all-time high at $18.2 million. At 1.2 million $BTC, coins on exchanges are at a 4-year low.
Bitcoin (BTC) price drops 75% from its ATH
The largest coin by market cap, Bitcoin, is currently trading at $16,841.80 and is showing losses on both the daily and weekly charts, according to data from CoinMarketcap. In addition, there has been a significant drop in 24-hour trading volume of around 20%.
The data also shows that BTC is down about 75% since hitting an all-time high of around $69,000 in November 2021. From 2022, in a new crypto winter, the price of digital currencies collapsed significantly. In response, many well-known companies had to close stores.
Source: Tradingview.com
Investors have struggled to predict Bitcoin’s future price during this turbulent year. People started making predictions earlier in the year, but as December progressed their expectations worsened.
Ian Harnett, co-founder and CIO of macro research firm Absolute Strategy Research, predicted earlier this year that BTC would most likely drop as low as $13,000.
He argued that in past crypto rallies, BTC has often fallen about 80% from its all-time high. For example, BTC lost almost $3,000 in 2018 after peaking at almost $20,000 in late 2017. While closer than most, BTC still needs to drop another 22% to meet Harnett’s forecast.
Related Reading | OKX releases second POR report, setting a new standard for transparency
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.