Bitcoin's exchange supply has plummeted to its lowest level since February 2018, according to data analytics firm Santiment.
Amid lawsuits by the U.S. Securities and Exchange Commission (SEC) against major cryptocurrency exchanges Binance and Coinbase, traders are moving their bitcoin to self-custody, potentially in a bid to insulate themselves from regulatory uncertainty.
As long as these damning lawsuits continue, Santiment predicts this trend will continue to persist.
The U.S. Securities and Exchange Commission (SEC) has accused two big crypto exchanges, Binance and Coinbase, of not properly registering their operations, among other claims.
Arman ShirinyanThese legal troubles for Binance and Coinbase mark an escalating crackdown on cryptocurrency exchanges by regulatory authorities.
As a result, a shift in trader behavior is evident with a significant movement of bitcoin to self-custody, indicating a rising trend of self-preservation among cryptocurrency investors amid regulatory uncertainties.
Arman Shirinyan
Dan Burgin