BTC’s Supply on Exchanges Reaches 3-Month Low of 2.2M BTC

• Glassnode Alerts noted that the supply of BTC on exchanges reached a 3-month low.
• Despite the increased supply on exchanges, BTC was able to successfully retest the 200-week MA.
• At press time, the market leader was trading at $26,540.60 following a 0.65% 24-hour loss.

Glassnode Alerts, an on-chain analysis platform, took to Twitter earlier today to share some of their newest data regarding the crypto market leader, Bitcoin (BTC). According to the post, the BTC balance on exchanges has reached a new 3-month low of 2,281,978.198 BTC. This follows the previous 3-month low of 2,282,204.204 BTC recorded on 17 June of 2023.

If the balance of BTC held by cryptocurrency exchanges reaches a new low, it typically indicates that a significant number of BTC holders have withdrawn their funds from exchanges and moved them to self-custody solutions. This could also suggest increased confidence among investors in the crypto market leader.

Considering the latest SEC crackdowns on multiple crypto exchanges over the past week, it is only logical for BTC holders to want to transfer their BTC holdings into their own custody. Meanwhile, BTC was one of the many cryptos that suffered losses over the past 24 hours of trading, according to CoinMarketCap.

After reaching a high of $26,651.49 and setting a 24-hour low of $26,374.90, the market leader was trading hands at $26,540.60 at press time after a 0.65% price decrease. Despite this slight loss, BTC’s weekly performance remained in the green at 2.88%.

The technical analyst CryptoCon also posted a tweet about the leading crypto. In a tweet published yesterday, the analyst stated that the BTC bull market continues on following a successful retest of the 20-week moving average.

The crypto’s price did briefly drop back below the weekly technical indicator mentioned in the analyst’s tweet. CryptoCon did, however, attribute this brief drop to market manipulators, and believes that BTC’s price is only at the beginning of a positive medium-term trend after it reclaimed a position back above the 20-week moving average.

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