24,073 BTC just left exchanges in a single day! Bitcoin…
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24,073 BTC just left exchanges in a single day!
Bitcoin just recorded its largest net exchange outflow in seven months, with 24,073 BTC leaving exchanges on Monday. Exchange-held supply has now fallen to roughly 6.50% of total BTC supply.
BTC sitting on exchanges is immediately available to trade. When coins move into long-term custody, the amount of supply readily available for selling gets smaller.
Of course, outflows alone don't guarantee anything. But when significant amounts of BTC keep leaving exchanges while Bitcoin holds around $85K, the supply dynamics become increasingly interesting in terms of growth.
The market might be watching price.
Source: Santiment Data.
#cryptocurrency
Bitcoin just recorded its largest net exchange outflow in seven months, with 24,073 BTC leaving exchanges on Monday. Exchange-held supply has now fallen to roughly 6.50% of total BTC supply.
BTC sitting on exchanges is immediately available to trade. When coins move into long-term custody, the amount of supply readily available for selling gets smaller.
Of course, outflows alone don't guarantee anything. But when significant amounts of BTC keep leaving exchanges while Bitcoin holds around $85K, the supply dynamics become increasingly interesting in terms of growth.
The market might be watching price.
Source: Santiment Data.
#cryptocurrency
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