Bitcoin Supply On Exchanges Remain Low Amid Latest Milestone, An Encouraging Sign?
Main Idea
Bitcoin's supply on exchanges is at a low, indicating strong investor holding behavior, while market data shows bullish trends and institutional interest in Bitcoin.
Key Points
1. Bitcoin supply on crypto exchanges has dropped by over 21% in the past four months, with a more pronounced decline of -61% over five years.
2. Santiment reports a bullish trend as investors are storing their coins securely, reducing exchange reserves.
3. Bitcoin's Spot Cumulative Volume Delta (CVD) shows strong buying interest, particularly in futures markets, despite spot selling.
4. Bitcoin's price surged to a new all-time high of $117,876, marking a +13.6% increase from its local bottom on June 22nd.
5. Institutional interest is rising, as seen in Bitcoin ETF IBIT's surge in Assets Under Management (AUM).
Description
The general crypto sector is brewing with excitement and optimism, particularly around Bitcoin , the largest digital asset, which recently witnessed a significant upside move to a new all-time high. Reports reveal that Bitcoin supply on exchanges has remained muted during the notable surge. A Muted Bitcoin Exchange Balance Bitcoin investors and traders are demonstrating positive behavior in spite of its notable rally. Santiment, a market intelligence and on-chain data platform, reported the posi...
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