Bitcoin supply on exchanges at 3-year low.
According to data from on-chain analytics firm Santiment, the amount of Bitcoin available on cryptocurrency exchanges has dropped to its lowest level since February 2018.
A significant decrease occurred recently after the U.S. Securities and Exchange Commission (SEC) accused major exchanges Binance and Coinbase of offering unregistered securities to U.S. customers, resulting in 6.4% of Bitcoin leaving exchanges in the past week.
The data indicates that the supply has been steadily decreasing since 2020, when it peaked during a bear market. This suggests that traders and investors have been continuously withdrawing their Bitcoin from exchanges in favor of self-custody.
Edited by Oliver Knight.
