cryptocoin.com As we reported earlier this week, the leading crypto Bitcoin (BTC) made a short move above $45,000. However, it has been moving sideways since the Federal Reserve released its inflation figures on Thursday.
Bitcoin stock market supply hits three-year low
Bitcoin has corrected over 7% from its weekly highs and is currently trading at $42,268 with a market cap of $801 billion. However, according to experts, one of the biggest positive indicators is that the Bitcoin stock market supply has hit a three-year low since December 2018. On-chain data provider Santiment shared the following data:
In another series of dramatic declines, Bitcoin’s supply on exchanges has slumped to just 10.87%, the lowest percentage seen since December 2018. Usually, this continued trend of cryptocurrencies coming out of the exchanges limits the risk of big selling.
A look at the BTC crowd sentiment
Bitcoin has been somewhat volatile over the past week. However, data provider Santiment reported that the positive mood led to a FOMO-like event that subsequently caused the price to drop.
Bitcoin’s crowd sentiment has remained positive this week, which is likely adding to the dip it and altcoins have seen to end the week. We will be looking for some crowded FUD as a sign that there will be some jumps into next week.
The leading cryptocurrency has been under pressure for the past three days and has brought altcoins down with it. Besides the inflation data, some analysts believe that geopolitical factors such as the Ukraine crisis are weighing on the market. However, Bitcoin advocates still believe it is less risky to hold Bitcoin against other asset classes. MicroStrategy CEO Michale Saylor said:
Given the uncertainties that investors are currently facing, holding Bitcoin feels less risky than any mix of currencies, loans, stocks, commodities or properties.
According to the Bloomberg report, Bitcoin miners have been selling their holdings lately. Net Bitcoin miners’ assets have turned negative since Feb. The report stated:
The turn in the metric, or the net change of miner balances in a last 30-day window, suggests that miners are selling their cryptocurrencies with a possible sign that less efficient operators will be shaken.
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