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Bitcoin Exchange Supply Hits 18-Month Low, Decreasing Sell-Off Risk: Santiment

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Sat, 24/07/2021 - 8:39
Bitcoin Exchange Supply Hits 18-Month Low, Decreasing Sell-Off Risk: Santiment
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Analytics chart provided by Santiment data aggregator shows that Bitcoin supplies on crypto exchanges continue to melt, dropping to the 18-month long that was last seen on January 2 this year.

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The Santiment team of experts believes that the 18-month low reached by the Bitcoin supply on exchanges reduces chances of any big sell-off in the future and improves the odds of the eventual Bitcoin recovery in the future.

In mid-July, Glassnode provided a similar chart of crypto investors withdrawing large amounts of Bitcoin from crypto trading venues, which was read as a sign of a potential price suirge.

Earlier today, the largest cryptocurrency by market cap posted a 4 percent growth and inched closer back to the $34,000 level.

At the time of writing, Bitcoin is changing hands at $33,732 as per the data provided by CoinMarketCap.

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Meanwhile, the open interest on Bitcoin futures is seeing a sharp decrease. CIO of Lex Moskovski capital interprets it as the market being in fear and institutional investors being careful in betting on Bitcoin.

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