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