Bitcoin experienced a rise on Wednesday after the sharp fall last week. With this rise, BTC, which approached $ 27,000, again retreated to the level of $ 26,000.
While the overall sentiment in Bitcoin remains bearish, Santiment said on-chain data paints an optimistic picture of the price.
At this point, Santiment shared that the supply of Bitcoin on exchanges fell to the lowest level in 6 years.
Stating that only a small portion of the total Bitcoin supply, about 5.8%, is currently held on exchanges, Santiment argued that this figure marks the lowest level for BTC since December 17, 2017.
Santiment stated that whale transactions are also consistent with the BTC supply, and that whales carry out an average of 57.4 thousand BTC transactions per week.
“Only 5.8% of Bitcoin is currently on exchanges, which officially marks the lowest level for BTC since December 17, 2017.
Whale transactions continue to be consistent with the BTC supply, with whales processing an average of 57.4k BTC per week.”
👋 Just 5.8% of #Bitcoin is currently sitting on exchanges, which is officially the lowest level #crypto's top market cap asset has seen since December 17, 2017. We are also continuing to see reasonable amounts of $BTC whale transactions (57.4K per week). https://t.co/c0vfjFEvvG pic.twitter.com/nNnz2JDJyb
— Santiment (@santimentfeed) August 24, 2023
The decrease in the supply of Bitcoin held on exchanges is generally interpreted as investors preferring to hold their BTC to evaluate potential future rises rather than selling their holdings.
At this point, experts think that if this trend of investors continues and it is accompanied by positive developments in the market, Bitcoin may experience significant price increases.
“It is not investment advice.
