Bitcoin Exchanges Hit 3-Year Low in Supply

Declining Bitcoin Supply on Exchanges Signals Growing Self-Custody Trend.

Last updated: June 15, 2023 5:28 AM

Published June 15, 2023 5:28 AM

Last updated: June 15, 2023 5:28 AM

Published June 15, 2023 5:28 AM

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 In the past week, nearly 6.4% of the total Bitcoin supply has been withdrawn, reflecting a growing trend of investors prioritizing self-custody solutions.

📉 #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

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.