Last week, the world’s largest cryptocurrency, BTC, rose briefly to over $ 45,000. However, since the Federal Reserve released inflation data on Thursday, the price has moved sideways.

BTC supply on exchanges at a three-year low

BTC currently trades aroung $ 42 000 with a market capitalization of $ 803 billion. One of the positive indicators is the fact that BTC supply on exchanges has reached a three-year low since December 2018.

With another series of sharp declines, BTC supply on exchanges fell to 10.87%, the lowest percentage since December 2018. In general, this continuing trend of withdrawing coins from exchanges reduces the risk of big sell-offs.

BTC sold miners are immediately withdrawn from the stock market, will the reflection come?

“Sentiment among BTC holders was positive prior the decline at the end of the week. We will wait for #FUD as a signal when there will be a rebound, “added Santiment.

Meanwhile, according to a Bloomberg report, BTC miners are selling their assets, which is undoubtedly pushing the price down. The net holdings of BTC miners have been negative since 5 February:

The change in the net balance of the miners over the last 30 days shows that the miners have sold their coins, which is a possible sign that shakeout of less efficient operators is coming.