The supply of bitcoin on exchanges reaches a 39-month low as long-term holders’ holdings climb
While long-term investors’ holdings of Bitcoin (BTC) continue to soar to historic heights, the token’s supply on cryptocurrency exchanges has continued to decline, plunging to its lowest level in 39 weeks.
To be precise, as of March 17, the entire quantity of Bitcoin on crypto exchanges was just 10.25 percent of the total supply, or 1,946,069.41 BTC. According to statistics tweeted on March 18 by on-chain measurement platform Santiment, this is the lowest level of BTC on exchanges since December 2018.
Additionally, the site reported a 13.5 percent decrease in the amount of Bitcoin in these exchanges’ wallets compared to two months before, when the total supply of BTC fell by 1.6 percent. By contrast, as of January 18, these wallets held 11.85 percent of total BTC supply.
Finbold previously reported on the growing accumulation of Bitcoin by long-term investors, which had reached a new all-time high on March 17. The total Bitcoin balance held by investors for more than a year exceeded 11.7 million BTC.
At the time, this represented up to 61.61 percent of the total BTC supply, which stood at 18,986,043 on March 17.
Consistent decline in BTC supply on exchanges
As things stand, the present pattern is a continuation of the one Finbold predicted only three months ago, when Bitcoin supply on exchanges reached a 31-month low of 11.96 percent of the asset’s total supply on December 13, 2021. In other words, the ratio at press time was 1.71 percent lower than it was on that day.
At the time of writing, Bitcoin was trading at $40,670, up 3.20 percent from its seven-day low of $39.370, according to CoinMarketCap statistics. The market valuation of the coin is presently $770.90 billion, up 3.03 percent from one week ago.
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