Bitcoin Exchange Supply Sees 3.1% Increase, What Does This Mean?

Bitcoin Exchange Supply Sees 3.1% Increase, What Does This Mean?
фото показано с : bitcoinist.com

2023-9-8 17:00

On-chain data shows the Bitcoin exchange supply has registered an increase of 3.1% during the past two weeks. Here’s what this could mean.

Bitcoin Supply On Exchanges Has Been Going Up Recently

According to data from the on-chain analytics firm Santiment, exchanges have recently received significant BTC deposits. The “supply on exchanges” refers to the percentage of the total circulating Bitcoin supply currently sitting in the wallets of all centralized exchanges.

When this metric’s value goes up, the investors are depositing a net number of coins to these platforms. Generally, one of the main reasons why holders would choose to transfer their coins to exchanges from their self-custodial wallets is for selling-related purposes.

Due to this reason, whenever the indicator’s value trends up, it can be a potential sign that the market is gearing up for a selloff, which can naturally be bearish for the price.

On the other hand, lowering the metric values implies that a net amount of the supply is leaving these platforms right now, which may suggest that the investors are accumulating. This reduced possibility of selling taking place can be bullish for the price in the long term.

Now, here is a chart that shows the trend in the Bitcoin supply on exchanges over the past few months:

As displayed in the above graph, the Bitcoin supply on exchanges had been constantly declining during the past few months, but things have recently changed for the indicator.

During the past couple of weeks, the metric has reversed its trend and has observed a rise of 3.1%. This bi-weekly increase in the supply on exchanges is the highest observed since early March.

Many of these deposits had come in the leadup to and during the Grayscale rally. Since that price surge couldn’t last long, it would seem reasonable to assume that the investors had made the transactions to these platforms for selling.

Instead of resuming its downtrend after the price plunge, the indicator has only continued to go higher in the last few days, as its value has now hit the 5.975% mark.

Santiment notes that this is a sign that the investors are motivated to take whatever small profits they can, hence why they have deposited to prepare for exit opportunities.

Bitcoin Has Already Retraced Its Surge Towards $26,400

During this past day, BTC had observed an uplift towards the $26,400 level, but during the last few hours, the asset has already returned to the $25,800 mark.

This quick retrace for the coin could suggest that the investors who had been ready with their deposits have pulled the trigger on their selling, thus providing a bearish impulse to the asset.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Supply Shock (M1) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 M1

supply exchanges bitcoin data on-chain increase exchange

supply exchanges → Результатов: 126


BTC Supply Drying Up, 6.3% Of Total Bitcoin Supply Left On Exchanges

Bitcoin’s circulating supply has fallen near the end of 2021, with December representing the lowest month on average in years for Btc supply. 6. 3% Of BTC On Exchanges The amount of Bitcoin in circulation has been falling since the halving in 2020, according to a new study from CryptoRank, with access to acquire Bitcoin on exchanges also declining.

2021-12-27 18:20


Growth Of Bitcoin ETFs & Other Instruments Doesn’t Support Supply Shock Narrative

Data shows while the Bitcoin supply present on exchanges has been trending down, growth in other investment vehicles like ETFs and WBTC has been making up for this drop. Bitcoin Exchange Reserves Decline, But ETF And Other Instruments Enjoy Growth As per the latest report from Arcane Research, BTC exchange reserves have seen significant decline this year, but the growth in newer investment instruments like ETFs has made up for it.

2021-12-23 22:00


Stablecoin Supply Ratio Approaches All-Time Low: Bitcoin (BTC) On-Chain Analysis

In this article, BeInCrypto takes a look at Bitcoin (BTC) on-chain indicators, more specifically the Stablecoin Supply Ratio (SSR) and the (USDT) supply on exchanges. This is done in order to determine how much buying power stablecoins currently have over the entire bitcoin (BTC) sup The post Stablecoin Supply Ratio Approaches All-Time Low: Bitcoin (BTC) On-Chain Analysis appeared first on BeInCrypto.

2021-12-15 20:00


On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin

On-chain data shows a recent rise in the number of stablecoin addresses sending to exchanges, suggesting an increase in dry powder supply pumping into Bitcoin. Stablecoins Exchange Inflow Addresses Count Recently Surges As pointed out by a CryptoQuant post, the number of stablecoin addresses making inflow transactions to exchanges saw a sharp rise yesterday.

2021-10-26 22:00


Фото:

Data Shows Ether (ETH) Supply on Centralized Exchanges at a 3 Year Low

Data from cryptocurrency intelligence firm OKLink indicates that ether (ETH) supply on centralized exchanges is at a 3-year low. Ether’s Scarce Supply Among CEXs Ether (ETH), the cryptocurrency powering the vast majority of the rapidly developing digital assets space has hit a 3-year low supply at all centralized exchanges, data from OKLink shows. Notably, aRead More

2021-8-10 17:00


Bitcoin Supply in Exchange Wallets Reaches 2.5 Year Low

Nearly 18,500 bitcoins (BTC) worth $625 million have moved off exchanges over the last week. The bitcoin price had surged over 3,5% at press time and now sits at almost $37,000. Combined with a large liquidity crunch currently seen on crypto exchanges, increasing demand, and the awaited resolution of lengthy consolidation, it may be time … Continued The post Bitcoin Supply in Exchange Wallets Reaches 2.5 Year Low appeared first on BeInCrypto.

2021-2-3 19:33