The fraction of Bitcoin’s (BTC) circulation supply held on cryptocurrency exchanges has now fallen below 10%. According to the data provided by Santiment, the prominent crypto analytics firm, the percentage of BTC held on centralized exchanges currently stands at 9.9%. This level was last seen when Bitcoin hit a low of $3200 in December of 2018.
Last month’s volatility in cryptocurrency markets resulted in an inflow of BTC rushing to exchanges for panic sales, according to Santiment. The corporation claims that the limited supply on exchanges is a measure of hodler confidence.
The supply of bitcoin on cryptocurrency exchanges is a highly monitored indicator since it is used to determine how much BTC is currently available for sale. Because there is a lower amount of BTC on exchanges, a supply shock that leads to higher price movement is possible if demand grows sufficiently.
Long-term HODLers of the original crypto are on the strong end, as the percentage of BTC owned by addresses holding for one year or longer have increased, while short-term traders are disappearing.
According to research, trading Bitcoin over the previous six months may have been easier if investors had followed BTC whales, who have all but controlled the cryptocurrency’s price, with strong whale activity evident at local peaks and bottoms.
At press time Bitcoin was trading at $30,028.31, down by 2.2% in the last 24 hours, but up by 1.9% in the 14-day chart. However, Bitcoin is still 56.7% down from its all-time high of $69,044.77, which it attained on the 10th of November, 2021.
Additionally, according to a recent report by Blockware, global Bitcoin (BTC) adoption could hit 10% by 2030. Blockware Intelligence based its prediction on historical adoption curves for nine previous disruptive technologies, including vehicles, electric power, cellphones, the internet, and social media, as well as the rate of Bitcoin acceptance since 2009.