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BTC Supply on Exchanges Hits Six-Month Low

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BTC Supply on Exchanges Hits Six-Month Low

The amount of BTC held on exchanges has declined to a six-month low as the price of BTC has seen a 47% decline since its previous all-time high. 

BTC held on exchanges has seen a continuous decline over the past couple of weeks. The supply held on exchanges has been declining since Mid-May. The current supply on exchanges based on the percentage of the total supply saw a new six-month low being hit.  

Low supplies of BTC on exchanges is bullish

On-chain analysis company Santiment tweeted the statistic, saying, “The ratio of BTC’s supply on exchanges has encouragingly slid down to its lowest since early January. The 6-month low is a promising sign, as it generally will indicate that there is a decreased risk of more major BTC selloffs.”

According to Santiment, the decline in BTC held on exchanges is a positive thing. The lack of BTC in exchanges means there cannot be any major sell-offs like the ones already seen this year.

BTC holds above $33,000

While BTC has witnessed a two-month correction from its all-time high of $64,000. It appears that there is still plenty of accumulation going on at this price range. Whales recently caused the biggest daily accumulation spike, with over 60,000 BTC being purchased in a single day. BTC saw a price surge of 5% over the weekend before a correction on Monday took the crypto back down to $33,500. 

Currently, BTC is consolidating inside a price range of $31,400 and $40,550. 

BTC mining difficulty drops 28%

BTC also recently experienced a dramatic decline in mining difficulty. Following China’s extended ban on mining crypto in the country, mining companies have been pulling out of China en masse. The removal of Chinese miners has seen fewer miners operating at present. Which has seen the hash rate decline dramatically. The total hash rate recently hit a 19-month low of 87.6 TH/s.

The post BTC Supply on Exchanges Hits Six-Month Low appeared first on BeInCrypto.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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