In a significant development, the supply of Bitcoin on crypto exchanges has plummeted to its lowest level since February 2018, according to data from Santiment.
Amidst SEC allegations against Binance and Coinbase, Bitcoin supply on exchanges has hit a 3-year low. In the past week, nearly 6.4% of the total Bitcoin supply has been withdrawn, reflecting a growing trend of investors prioritizing self-custody solutions.
The data reveals a consistent decline in supply since 2020, indicating a growing trend of traders and investors moving their Bitcoin off exchanges and opting for self-custody solutions. This shift suggests a heightened preference for enhanced security and control over digital assets.
As Bitcoin supply on exchanges dwindles, it underscores the increasing demand for decentralized storage options, further cementing the narrative of individuals taking greater responsibility for safeguarding their cryptocurrency holdings.
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