The supply of Bitcoin on cryptocurrency exchanges reached a milestone recently. According to data released by the analysis platform, Santiment, on June 12, the supply of Bitcoin on exchanges fell to the lowest level since December 2021, of approximately 942 thousand coins.
Given the current scenario, the platform’s analysts also noted that two market giants are ‘rising from the ashes’ after the recent drop in prices. According to the analysis, currently, the cryptocurrencies Ethereum (ETH) and Tether (USDT) “are making a comeback”, signaling a potential bullish breakout of the tokens.
“The supply of Bitcoin on exchanges has fallen to its lowest level since December 2021 (~942 thousand coins). Meanwhile, Ethereum and Tether are making a comeback. Historically, there is less downside risk for all cryptocurrencies while the available supply of $BTC for sale is limited.”
😎 Bitcoin’s supply on exchanges has now dropped to its lowest level since December, 2021 (~942K coins). Meanwhile, Ethereum and Tether are moving back on. Historically, there is less drop-off risk for all of crypto while $BTC‘s available supply to be sold is limited. pic.twitter.com/vGv0q6esxx
— Santiment (@santimentfeed) June 13, 2024
It is worth remembering that recently, the volume of exchange-traded funds (ETFs) based on the largest cryptocurrency has jumped. Bullish sign in Bitcoin price? The broader cryptocurrency market has seen a pullback recently, with Bitcoin falling below the $67,000 zone. However, given the increase in the volume of ETFs, the price of the asset began an important recovery.
Analysts at on-chain platform Santiment noted on June 11 that spot Bitcoin ETF volume reached a peak not seen since May 15, suggesting this move could drive a price rally. “Bitcoin ETF volume has jumped to its highest level since May 15, according to data from the 7 largest ETFs. When these volume spikes occur, there are more chances for prices to change. This latest increase was likely a dip buying reaction. Are you expecting a jump?”, he highlighted.
Surrounding supply Bitcoin
The on-chain platform specialized in cryptocurrencies, Glassnode, observed that, currently, the balance of the main labeled entities is estimated at approximately 4.23 million, representing 27% of the global circulating supply, according to the survey released on June 12 .
“The aggregate balance of all major labeled entities is estimated at approximately 4.23 million, which represents 27% of the adjusted global circulating supply (which is the total supply minus coins that have remained inactive for more than seven years),” he wrote.
According to the survey, the entities’ balance sheet is: US spot ETF = 862 thousand BTC; Mt. Gox Trustee = 141 thousand BTC; US government = 207 thousand BTC; All exchanges = 2.3 million; BTC miners (Exc. Patoshi) = 706 thousand BTC.
The aggregated balance of all major labelled entities is estimated to be ~4.23M, which accounts for 27% of the overall adjusted circulating supply (which is the total supply minus coins that have remained dormant for more than seven years).
🟡 US Spot ETF = 862k BTC
🔴 Mt. Gox… pic.twitter.com/7Mye9unXJe— glassnode (@glassnode) June 12, 2024
At the time of publication, the price of Bitcoin was quoted at US$67,913.01, up 2.1% in the last 24 hours.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/oferta-de-bitcoin-nas-exchanges-atinge-marco-enquanto-ethereum-e-tether-ressurgem/
