See More

Bitcoin Supply on Exchanges Hits Six-Month Low

2 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • Bitcoin held on exchanges has dropped to a six-month low.
  • The stat signals positive news for bitcoin according to Santiment.
  • Bitcoin is still consolidating as the mining difficulty plummets.
  • promo

The amount of bitcoin held on exchanges has declined to a six-month low as the price of bitcoin has seen a 47% decline since its previous all-time high. 

Bitcoin held on exchanges has seen a continuous decline over the past couple of weeks. The supply held on exchanges has been declining since Mid-May. The current supply on exchanges based on the percentage of the total supply saw a new six-month low being hit.  

Low supplies of BTC on exchanges is bullish

On-chain analysis company Santiment tweeted the statistic, saying, “The ratio of Bitcoin’s supply on exchanges has encouragingly slid down to its lowest since early January. The 6-month low is a promising sign, as it generally will indicate that there is a decreased risk of more major BTC selloffs.”

According to Santiment, the decline in bitcoin held on exchanges is a positive thing. The lack of bitcoin in exchanges means there cannot be any major sell-offs like the ones already seen this year.

Bitcoin holds above $33,000

While bitcoin has witnessed a two-month correction from its all-time high of $64,000. It appears that there is still plenty of accumulation going on at this price range. Whales recently caused the biggest daily accumulation spike, with over 60,000 BTC being purchased in a single day. Bitcoin saw a price surge of 5% over the weekend before a correction on Monday took the crypto back down to $33,500. 

Currently, bitcoin is consolidating inside a price range of $31,400 and $40,550. 

Bitcoin mining difficulty drops 28%

Bitcoin also recently experienced a dramatic decline in mining difficulty. Following China’s extended ban on mining crypto in the country, mining companies have been pulling out of China en masse. The removal of Chinese miners has seen fewer miners operating at present. Which has seen the hash rate decline dramatically. The total hash rate recently hit a 19-month low of 87.6 TH/s.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Ryan-James.jpg
Ryan Boltman
Ryan Boltman is a managing editor at BeInCrypto, specializing in the crypto markets with a strong focus on technical and on-chain analysis across a broad spectrum of digital assets. His areas of expertise include Layer-1 and Layer-2 solutions, artificial intelligence (AI), real-world assets (RWA), decentralized finance (DeFi), decentralized physical infrastructure networks (DePIN), meme coins, and altcoins. Before his current role, Ryan contributed to Blockchain.com as a customer success...
READ FULL BIO
Sponsored
Sponsored