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.
#Bitcoin's ratio of supply sitting on exchanges continues dropping hard, down to its lowest level since December, 2018. There is 13.5% less $BTC on these exchange wallets compared to just 2 months ago, amounting to 1.6% less of the overall supply. https://t.co/UBjhm4sCrO pic.twitter.com/ai6ivigJNX— Santiment (@santimentfeed) March 18, 2022
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.
#Bitcoin's rise to $42.3k today was propelled thanks to plenty of short liquidations. Funding rates continue to be a great source for indicating how traders place their bets, and peeking in to see if they're putting their money where their mouth is. https://t.co/TK2zx2mMsx pic.twitter.com/XZ0wbLZIeb— Santiment (@santimentfeed) March 18, 2022
Price Check: Bitcoin was trading at $41,156.59 on Sunday afternoon, down 1.82% in the past 24 hours.
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