Bitcoin Supply on Exchange Drops to Lowest Level in Last 5 Years

• Around 1.84 million wallet addresses have reportedly acquired 910,000 Bitcoins.
• The price of Bitcoin is $30,403 and is down 0.47% in the last 24 hours.

In a major shift for the cryptocurrency industry, Bitcoin’s percentage supply on exchanges has dropped to 11.7%, the lowest level in the last five years. Around 1.84 million wallet addresses have reportedly acquired 910,000 Bitcoins, a significant sum in light of the rising demand for Bitcoin.

BlackRock’s application of a spot Bitcoin ETF application and the introduction of the EDX Markets crypto exchange are two possible explanations for the depletion of BTC on exchanges. As a result of these changes, major financial institutions are showing renewed curiosity about Bitcoin, and some are even considering refiling their ETF applications with the US SEC.

All Eyes on SEC

Post the SEC’s approval, investors may now get leveraged exposure to Bitcoin price swings, increasing their potential gains. To a large extent, Bitcoin’s continued position above the $31,000 barrier may be attributed to the advent of such a financial instrument.

There was a drop in the proportion of Bitcoins available on exchanges due to the fact that 910,000 Bitcoins were transferred to wallet addresses rather than exchanges.

According to K33 Research’s most recent market statistics, Bitcoin gained 30% and accounted for 50% of overall trading volume during U.S. market hours. As the price of Bitcoin skyrocketed during U.S. trading hours, demand soared beyond supply, driving prices even higher.

The Bitcoin exchange-traded fund (ETF) $BITO had its highest weekly inflow in a year, according to Bloomberg Senior ETF Analyst Eric Balchunas, and its trading volume on Friday was enormous, at 500 million shares. According to CMC, the price of Bitcoin is $30,403 and is down 0.47% in the last 24 hours.

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