More
    HomeAltcoinsAmount of Bitcoin Sitting on Crypto Exchanges at Lowest Level in Nearly...

    Amount of Bitcoin Sitting on Crypto Exchanges at Lowest Level in Nearly Six Years: Analytics Firm Santiment

    Published on

    DIGITAL MARKETING SERVICES

    spot_img
    Amount of Bitcoin Sitting on Crypto Exchanges at Lowest Level in Nearly Six Years: Analytics Firm Santiment

    New data from crypto analytics firm Santiment reveals that the supply of Bitcoin (BTC) on crypto exchanges is at its lowest point in over half a decade.

    According to the market intelligence firm, only 5.8% of the crypto king’s overall supply is currently sitting on crypto exchange platforms, the lowest level since December 2017.

    Santiment also notes that the top crypto asset by market cap is seeing decent amounts of Bitcoin whale activity.

    “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 (57,400 per week).”

    Source: Santiment/X

    Santiment also says that Bitcoin is currently in the lead in terms of being the digital asset with the highest amount of address activity.

    BTC is followed by the stablecoin Tether (USDT), smart contract platform Ethereum (ETH), layer-2 blockchain Polygon (MATIC) and BTC alternative Litecoin (LTC), which all have at least more than double the number of active addresses compared to other cryptocurrencies, according to Santiment.

    Source: Santiment/X

    Bitcoin is trading for $26,001 at time of writing.

    Moving on to Ethereum, the market analytics firm says that the 10 largest addresses associated with the leading altcoin are now holding a staggering 35% of ETH’s overall supply.

    According to Santiment, the increase in the holdings of large addresses is likely due to smaller investors capitulating their positions out of fear, doubt and uncertainty (FUD) surrounding the latest crypto market dip.

    “The 10 largest addresses on the Ethereum network are now holding over 35% of the available supply. By no means does this mean the [second-largest] asset in crypto is suddenly centralized, but it shows the capitulation of smaller traders showing FUD from this dip.”

    Source: Santiment/X

    At time of writing, Ethereum is worth $1,649.

    Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

    Check Price Action

    Follow us on Twitter, Facebook and Telegram

    Surf The Daily Hodl Mix

    Check Latest News Headlines

    &nbsp

    Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

    Featured Image: Shutterstock/Sensvector/lassedesignen

    The post Amount of Bitcoin Sitting on Crypto Exchanges at Lowest Level in Nearly Six Years: Analytics Firm Santiment appeared first on The Daily Hodl.

    SITE VISITS

    Map

    Latest articles

    How Bitcoin Improves Water Abundance In Water Scarce Nations

    How Bitcoin Improves Water Abundance In Water Scarce Nations The “bitcoin uses fossil fuels” argument...

    Google Revising Crypto Ad Rules Ahead of Expected Bitcoin ETF Launch

    Google Revising Crypto Ad Rules Ahead of Expected Bitcoin ETF Launch In a subtle yet...

    UK asset manager M&G invests $20M in Bitcoin derivatives exchange

    UK asset manager M&G invests $20M in Bitcoin derivatives exchange M&G invests $20 million in...

    Federal Reserve 2024 rate cut could prove perfect catalyst for BTC halving

    Federal Reserve 2024 rate cut could prove perfect catalyst for BTC halving An increase in...

    More like this

    How Bitcoin Improves Water Abundance In Water Scarce Nations

    How Bitcoin Improves Water Abundance In Water Scarce Nations The “bitcoin uses fossil fuels” argument...

    Google Revising Crypto Ad Rules Ahead of Expected Bitcoin ETF Launch

    Google Revising Crypto Ad Rules Ahead of Expected Bitcoin ETF Launch In a subtle yet...

    UK asset manager M&G invests $20M in Bitcoin derivatives exchange

    UK asset manager M&G invests $20M in Bitcoin derivatives exchange M&G invests $20 million in...
     - 
    Arabic
     - 
    ar
    Bengali
     - 
    bn
    German
     - 
    de
    English
     - 
    en
    French
     - 
    fr
    Hindi
     - 
    hi
    Indonesian
     - 
    id
    Portuguese
     - 
    pt
    Russian
     - 
    ru
    Spanish
     - 
    es