The analytical blockchain platform Santiment’s specialists have noticed a dramatic drop in the supply of Bitcoin on cryptocurrency exchanges. The figure hit a new low of 942,170 BTC on June 10, the lowest since December 22, 2021. Bitcoin has gained 0.42% in the past 24 hours and is now trading on Binance at $67,644. Although there has been an increase of more than 60% since the start of the year, there was a 4.6% drop last week.
As stated by x.com
Does anything else exist? Experts say that other assets from the top three by market capitalization are seeing supply growth, despite bitcoins being pulled from exchanges. So far, the highest number of native Ethereum blockchain tokens listed on trading platforms since September 2022 is 17.98 million. May of 2020 saw the all-time high of 29.89 million coins.
Trading volume for shares of spot Bitcoin-based exchange-traded funds (ETFs) peaked at $2.89 billion on June 11, according to Santiment. May 15 saw the previous local record of 2.91 billion, and March 5 saw the absolute record of 11.13 billion.
As stated by x.com
According to analysts, traders’ reactions to the depreciation were behind the most recent spike in volume. They went on to say that such spikes almost always lead to price reversals towards growth.