Leading cryptocurrency Bitcoin continues to remain above $38,000 with a 2% rise in the last 24 hours.
While BTC creates a positive atmosphere in the market with this rise, on-chain data shows that a large number of Bitcoins are leaving the exchanges.
Stating that at this point, investors tend to keep their Bitcoins to themselves, Santiment said that this situation reflects the decrease in Bitcoin supply in the exchanges.
Pointing out that the general Bitcoin supply in the exchanges decreased to 5.38%, Santiment stated that this level was the lowest level since December 2017.
Santiment also added that the $15.23 billion USDT held in the top 10 Tether exchange wallets is the highest since June 2022.
“Bitcoin's supply on exchanges continues to decrease. This shows that investors tend to keep their BTC to themselves.
Meanwhile, the top 10 Tether exchange wallets hold $15.23 billion, pushing purchasing power to a 17-month high.”
💸 #Bitcoin's supply on exchanges has continued moving into self custody, as exchange reputation continues to diminish. Meanwhile, the 10 largest #Tether exchange wallets hold $15.23B, pushing exchange buying power to its highest level in 17 months. 💪 https://t.co/AtjD9ve3YO pic.twitter.com/XJ0uuTiAZx
— Santiment (@santimentfeed) November 29, 2023
Evaluating the decline in the overall Bitcoin supply on exchanges, analysts stated that this decline could serve as a bullish catalyst going forward.
In addition, analysts stated that the difference between the amount of Tether and Bitcoin on the exchanges could indicate a significant deviation, stating that, historically, such a difference is usually an indicator of the beginning of an upward trend in the cryptocurrency market.
*This is not investment advice.