Bitcoin Sees Historic Drop on Exchanges…
I’ve never used exchanges and everyone here knows I strictly use Bitwallet for my day to day Bitcoin needs…Post FTX, the number of users on exchanges has plummeted from 11.85% to 6.65% (!!!) over the past year….That speaks immensely.
Bitcoin Sees Historic Drop on Exchanges, Here’s What it Means
“According to the latest data compiled by crypto analytic company, Santiment, Bitcoin’s supply on centralized crypto exchanges has dropped from 11.85% to 6.65% over the past year.
- The exodus of the flagship crypto-asset was seen across the top six platforms, including Binance, Coinbase, Kraken, KuCoin, and Bitstamp.
- Kraken was hit the highest as it saw a 59% reduction in BTC balance, followed by Coinbase with 33%, Bitfinex and KuCoin with 32% each, Binance with 25%, and lastly, Bitstamp with 23%.
- This trend essentially marks a historic drop in overall BTC supply, demonstrating the rising interest in self-custody.
- Fundamentally, the less Bitcoin there is on exchanges, the more investors see it as a long-term investment. Expectedly, it also means that there’s less immediate sell pressure.”