Offer BTC on cryptocurrency exchanges is the lowest since January. The graph clearly shows the downward trend that began in mid-April, ie. more or less at the same time as the ATH price.
BTC’s supply on cryptocurrency exchanges generally increases when they are converted to exchanges for sale. Until October last year, it was very high, but as the price increased, it began to fall sharply, reaching two lows in November and early January.
After that, with an incredible price increase from $ 30,000 to almost 65,000, it was back on the rise until mid-April. However, the peak was reached in mid-May, ie. before the lightning crash on May 19, which is probably a sign of panic sales.
Since then, the panic seems to have subsided to such an extent that the lowest peak of this phase was reached yesterday, only slightly higher than the lows in November and January. BTC’s offer on the exchanges is now approaching the lows of 2021, while the offer leaving the stock exchanges reached the level last recorded in November 2018.
This currently means a lower risk of sale off.
The current situation in this regard looks very different, if not the opposite, to before the lightning crash of May 19, when the price reached $ 30,000 for the first time since the end of January. Since then, the price of BTC has continued to fluctuate between $ 30,000 and $ 40,000 and then between $ 30,000 and $ 35,000.
As the risks of sell-offs currently appear to be lower, it is unlikely that a similar pace will be repeated as in the second half of May.
On the contrary, it should be generally interpreted as an accumulation scenario, as indicated by the growth of BTC held by whales, ie. a time when those who buy BTC on exchanges do so in order to select them and save them in the long run.
In fact, if nothing happens, it is a bullish scenario, or at least a situation of relative stability that suggests future growth assumptions, perhaps in the short term.