The BTC supply is continuing to get squeezed, the latest exchange data shows.
Bitcoin held on exchanges is down to where it was at the 2017 BTC price all-time high, data confirms., the latest figures show less than 12% of the BTC supply now resides in exchange wallets.Bitcoin returned to exchanges during the 2023 BTC price upside, during which BTC/USDThe period since late April has seen a reversion to the long-term trend of coins leaving exchanges, however, and this month, it hit a milestone.
As of July 10, 11.59% of the available BTC supply currently lies in known exchange wallets labeled by Glassnode. The number has not been this low since mid-December 2017 — when Bitcoin hit its previous all-time high of $20,000.“Only 11.5% of Bitcoin supply left on exchanges, lowest in over 5 years,” William Clemente, co-founder of crypto analysis firm Reflexivity Research,In BTC terms, exchange balances are back to where they were in March 2018, with known wallets holding a total of 2.
as a result of declining supply and increasing buyer demand have risen in step with expectations that the United States may soon approve a Bitcoin spot price exchange-traded fund .
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