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

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Sat, 07/24/2021 - 08:39
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Yuri Molchan
Users keep withdrawing Bitcoin off exchanges, pushing the supply to a major low
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.

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.

Related
Bitcoin Surges Close to $34,000, Adding 4%

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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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.