Bitcoin Supply On Exchanges Drops To Lowest Level Since December 2018

According to the Blockchain analytics firm Santiment, the overall supply of Bitcoin BTC/USD on crypto exchanges has slipped down to its lowest level in over three years. 

#Bitcoin's ratio of supply sitting on exchanges continues dropping hard, down to its lowest level since December, 2018. There is 13.5% less $BTC on these exchange wallets compared to just 2 months ago, amounting to 1.6% less of the overall supply. https://t.co/UBjhm4sCrO pic.twitter.com/ai6ivigJNX

— Santiment (@santimentfeed) March 18, 2022

As of March 17, the total supply of Bitcoin on crypto exchanges was only 10.25% of its total supply or 1,946,069.41 BTC.

Also Read: Ethereum Classic Soars On Reaction To Key Pattern, Miners Gain Interest: Is A Golden Cross On The Way?

Santiment also points out that the recent price spike in BTC was triggered by a cascade of short sellers being liquidated as the value of Bitcoin moved higher, triggering a short squeeze.

#Bitcoin's rise to $42.3k today was propelled thanks to plenty of short liquidations. Funding rates continue to be a great source for indicating how traders place their bets, and peeking in to see if they're putting their money where their mouth is. https://t.co/TK2zx2mMsx pic.twitter.com/XZ0wbLZIeb

— Santiment (@santimentfeed) March 18, 2022

Price Check: Bitcoin was trading at $41,156.59 on Sunday afternoon, down 1.82% in the past 24 hours.