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Bitcoin

Bitcoin Exchange Supply Plunges Again, Erases Recent Increase

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the Bitcoin exchange supply has resumed its downtrend recently, after earlier deviating towards a rise.

Bitcoin Percent Supply On Exchanges Has Dropped To 11.8%

As pointed out by an analyst in a post on X, the BTC exchange supply is back to its year-to-date (YTD) lows. The relevant metric here is the “percent balance on exchanges,” which keeps track of the total percentage of the Bitcoin supply that’s currently sitting in the wallets of all centralized exchanges.

When the value of this indicator goes up, it means that the investors are depositing a net amount of the cryptocurrency into these platforms. As one of the main reasons why investors make such transfers is for selling purposes, this kind of trend can carry potential bearish effects for the coin.

On the other hand, the metric’s value going down implies the holders are moving their coins away from these central entities into their self-custodial addresses. Generally, investors who show this behavior plan to hold for extended periods, so such a trend could be bullish for the price in the long term.

Related Reading: Bitcoin Mining Hashrate Sets New All-Time High, Difficulty Up 5.5% In Response

Now, here is a chart that shows the trend in the Bitcoin percent balance on exchanges since the start of the year 2023:

Bitcoin Exchange Supply

The value of the metric seems to have been going down during the past few months | Source: @jimmyvs24 on X

As shown in the above graph, the Bitcoin percent supply on exchanges had been going up during the starting months of the year, as BTC had observed its rally. These deposits were likely being made by sellers looking to book their profits.

Since June, however, the supply on exchanges has followed a sharp downtrend, implying that investors have been constantly taking their coins out from these platforms.

Interestingly, this is despite the fact that BTC had initially observed a further uptrend in this period, suggesting that the accumulators had outweighed any profit sellers who looked to take advantage of the opportunity.

Related Reading: Get Ready For Bitcoin’s Next Surge: Analyst Believes ‘This Is The Beginning’

Earlier in the month of September, the indicator had reversed its trend, as exchanges saw net deposits of about 25,000 BTC. This rise couldn’t last for too long, however, as the metric has come back down in the days since then.

Today, the Bitcoin percent supply on exchanges has hit the 11.8% mark, which is the lowest value observed since the start of the year. Naturally, this means that the prior rise has been completely retraced.

It’s hard to say what consequences these continued withdrawals might have for the cryptocurrency in the short term, as the net outflows in the past few months haven’t been able to save the asset from its drawdowns.

From the long-term perspective, though, supply continuously moving toward self-custody is certainly a constructive sign, as it leads to the coin becoming more decentralized.

As the chaos of the bankruptcies of major platforms like 3AC and FTX taught us last year, the fewer coins that sit on these central entities, the better it is for the stability of the market.

BTC Price

The Bitcoin rally has hit the brakes recently as the cryptocurrency has been unable to find any sustained break toward higher levels. At present, the coin is trading at $27,100.

Bitcoin Price Chart

Looks like BTC is still floating above the $27,000 level | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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