Bitcoin Supply On Exchanges Hits Multi-Year Low, Reigniting Hopes For An Ultra-Bullish Q1 Close ⋆ ZyCrypto - BitcoinEthereumNews.com
विज्ञापन Despite a series of dramatic sell-offs, data by on-chain data analysis firm Santiment now shows that Bitcoins supply on exchanges has hit a multi-year low, dropping to just 10.87% compared to 13.9% about six months ago. The last time something like this happened was in December 2018, a scenario that preceded a sustained bull run, seeing the cryptocurrency gain over 200%. This is also the opposite to what was witnessed in May and November last year when the number of addresses sending their coins to exchanges drastically increased, after which the price corrected by roughly 50%. The continued drop in coins on exchanges has historically proven pivotal to Bitcoins price as it reduces the risk of major sell-offs. The number of active addresses on Tethers network has also dropped significantly especially since mid-November, reaching a two-year low. In the past, less stablecoin transactions have coincided with cryptocurrencies rising. Santiment has also shared a chart depicting negative Bitcoin average funding rates on exchanges. This has come in the wake of more traders shorting the asset after the price fell below $40,000. Typically, prices move in the opposite direction of these rates. When there is a large number of assets being sold, liquidations occur with