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Bitcoin Supply on Exchanges Slides to Three-Year Low
Supply is likely dropping as traders and investors increasingly choose to self custody bitcoin holdings amid regulatory and exchange risks.
Bitcoin supply on crypto exchanges has slipped to its lowest levels since February 2018, data from on-chain analytics firm Santiment shows.
A large drop came recently after the U.S. Securities and Exchange Commission (SEC) accused major exchanges Binance and Coinbase of offering unregistered securities to U.S. customers – with 6.4% supply leaving exchanges in the past week.
📉 #Bitcoin's exchange supply has now fallen to its lowest level since February, 2018. Traders continue moving $BTC to self custody during the uncertainty surrounding #Binance & #Coinbase. As long as these #SEC lawsuits loom, this trend should continue. https://t.co/CBOxJ8oA07 pic.twitter.com/c7MQyMswgp
— Santiment (@santimentfeed) June 14, 2023
Supply has been steadily falling since 2020 when it peaked in the depths of a then-bear market, the data shows. This suggests traders and investors have been continually taking their bitcoin off exchanges in favor of self-custody, as per Santiment.
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
Ce qu'il:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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