In a recent development, the availability of Bitcoin on cryptocurrency exchanges has hit a significant milestone. Data from the analysis platform Santiment shows that as of June 12, the supply of Bitcoin on exchanges has dropped to its lowest level since December 2021, standing at around 942,000 coins.
The analysts at Santiment also pointed out that amidst the recent price drop, two major players in the market, Ethereum (ETH) and Tether (USDT), are showing signs of resurgence, hinting at a potential bullish trend for these tokens.
Bitcoin’s supply on exchanges has plummeted to its lowest point since December 2021, with approximately 942K coins in circulation. Meanwhile, Ethereum and Tether are bouncing back, signaling a positive outlook for the crypto market as a whole.
Recently, there has been a surge in the volume of exchange-traded funds (ETFs) linked to Bitcoin, which could be seen as a bullish signal for the price of the cryptocurrency. Despite a recent pullback in the broader crypto market, with Bitcoin dropping below $67,000, the increased ETF volume has sparked a significant recovery in the asset’s price.
According to Santiment’s on-chain analysts, the spike in spot Bitcoin ETF volume on June 11 suggests a potential price rally. The surge in ETF volume indicates a higher likelihood of price fluctuations, with the recent increase possibly being a reaction to buying the dip. Are you ready for a potential price jump?
Glassnode, another on-chain platform specializing in cryptocurrencies, reported that the balance of major identified entities currently stands at around 4.23 million BTC, which accounts for 27% of the global circulating supply. This balance includes entities such as US spot ETF, Mt. Gox Trustee, US government, all exchanges, and BTC miners.
As of the latest data, the price of Bitcoin is hovering around $67,913.01, reflecting a 2.1% increase in the last 24 hours.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
In other news, there are speculations that China may soon lift its ban on Bitcoin, while the current bear market sees Bitcoin dropping below $67,000 just before key developments this week.